Deal Secures Jobs At World’s Oldest Travel Company
The UK subsidiary of Cox & Kings, the world’s oldest tour operator, has been bought out of administration by luxury travel company, Abercrombie & Kent (“A&K”) through its subsidiary company, C&K Luxury Travel Limited, with the help of law firm Irwin Mitchell, advising the lender of the Cox & Kings group of companies.
The deal, which will safeguard all current and future bookings and 68 employees of Cox & Kings Travel Limited, will also involve new investment in the business.
Established in 1758, Cox & Kings is headquartered in India and the UK, and has operations spread across 22 countries and four continents.
The UK business was placed into administration on 4 December 2019, after it encountered issues following insolvency proceedings initiated against its Indian parent for defaulting on its loan obligations.
A&K agreed to buy the business and its assets in a pre-pack deal, believing the two brands complement each other and will create a combined brand proposition that will grow the UK luxury travel market.
Irwin Mitchell partners Kunal Gadhvi (Restructuring & Insolvency) and Akhil Sharma (Banking & Finance) advised the lender in relation to its security and the sale of the Cox & Kings’ UK business and assets to A&K.
Expert Opinion“We are pleased to have advised the lender in this transaction by protecting its interests and to see that a business with such a proud travel heritage has been rescued and resulted in the safeguarding of jobs and holiday bookings.” Kunal Gadhvi - Partner