Cox & Kings UK has appointed KPMG to seek a new owner for the business amid concerns over the finances of its Indian parent company.
The operator told TTG on Friday (8 November) it was talking to several potential investors with a view to a full take over and thus divesting itself from Cox & Kings India.
“Cox & Kings UK, with the assistance of KPMG, is in a dialogue with numerous potential investors who are interested in acquiring Cox & Kings UK,” a spokesperson told TTG.
“We are taking all the necessary steps to ensure the long-term future of Cox & Kings UK.”
The business additionally told Sky News the decision came after securing its 2019/20 Atol from the CAA for just over 10,000 protected seats.
“We are proud to have a strong brand here in the UK, something that has been reflected by the interest and enthusiasm we have seen from potential buyers so far,” the spokesperson added.
Cox & Kings India was suspended from its Iata billing and settlement plan (BSP) in June after defaulting on its BSP payment.
The business later pulled the plug on its funding for Malvern Group, parent to Super Break and LateRooms, of which it owned 49%.
Both Super Break and LateRooms subsequently collapsed into administration on 1 August.
Cox & Kings UK confirmed to TTG it operates as a separate business to Cox & Kings India, under a separate Iata licence, and has remained fully operational amid Cox & Kings India’s financial difficulties with no repercussions for the UK business.
“Regarding the exact corporate structure of Cox & Kings, Cox & Kings UK is owned by Prometheon Enterprises Ltd, which is a wholly owned subsidiary of Cox & Kings India,” a Cox & Kings UK spokesperson told TTG.
TTG has approached KPMG and Cox & Kings India for comment.