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30 Sep 2015
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TRFBLI

Eurocamp sale hits parent Holidaybreak's results

Holidaybreak, the parent company of operators Explore and SuperBreak, has fallen into the red after being stung by the disposal of its camping division.

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Accounts recently released at Companies House show the firm swung to a pre-tax loss of £1m for the year ended March 31, 2015 from a profit of £16.2m in the prior period. Excluding the camping division, turnover rose from £303.5m to £330.4m.

 

Cox & Kings, Holidaybreak’s ultimate owner, agreed to sell Eurocamp for just under £90m last June. The sale led Holidaybreak Ltd to record a loss on disposal of £23.5m.

 

Turnover within each of Holidaybreak’s division was mixed.

 

While the education unit, which comprises companies such as schools-specialist PGL, saw turnover rise 17% to £156.3m, the group’s adventure division, in which Explore sits, recorded slight growth with a turnover of £44.7m.

 

However, the hotel breaks division, which includes SuperBreak and Dutch firm Bookit, saw turnover drop by 2.8% to £80.9m, reflecting a “decline in booking volumes due to ongoing difficult trading conditions in the UK and Netherlands”.

 

“Forward bookings for the next financial year are broadly in line with expectations, across the group,” the company said in its strategic report.

 

Holidaybreak became part of the Cox and Kings empire when the India-based firm acquired it in a deal worth £312m back in 2011.

 

Cox & Kings itself can trace its history back to 1758 and claims to be the oldest travel company in the world. It was created by Sir Richard Cox appointed general agents to the regiment of Foot Guards in India.

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