Sale of West End Theatre Booking Limited

RNS Number : 6993I

Holidaybreak PLC

20 June 2011

 



20 June 2011: For immediate release

HOLIDAYBREAK PLC

SALE OF WEST END THEATRE BOOKINGS LIMITED

Holidaybreak plc, the education and activity travel group, today announces that it has sold its subsidiary business, West End Theatre Bookings Limited, a London theatre ticket agent which is part of the Hotel Breaks Division, to Encore Tickets Limited, a multi-channel theatre booking business, for approximately £10.9m.

The consideration of £10.9m, on a cash and debt free basis, was paid in cash upon completion. The sale price represents a multiple of 9.7x EBITDA for West End Theatre Bookings' financial year ended 30 September 2010. The disposal proceeds will be used to reduce the Group's debt.

In the year ended 30 September 2010, West End Theatre Bookings made an operating profit of £1.0m on revenue of £20.3m. The gross assets as at 30 September 2010 were £4.7m.

Commenting on the sale, Martin Davies, Chief Executive of Holidaybreak plc, said:

"We are pleased to announce this transaction which we believe represents the best value for our shareholders. The sale demonstrates our commitment to strengthen the Education share of the Group as part of our longer term growth strategy to become the leading educational travel provider in Europe.

At the same time, we are saddened to see West End Theatre Bookings leave the Holidaybreak Group but we believe Encore Tickets, a leading ticket agency, will provide a good home with both businesses strategically focused on providing theatre tickets to the consumer."

For further information, please contact:

Holidaybreak                                                                             [phone]

Martin Davies / Neil Bright                              

Brunswick                                                                                 [phone]

Catherine Hicks / Craig Breheny / Oliver Hughes

Note to Editors

Holidaybreak (HBR.L) is an education and activity travel group listed on the London Stock Exchange. The Group's businesses have market leading positions in the UK and other major European markets, organising educational and activity trips, worldwide exploratory trips, outdoor family holidays and short breaks.

For more information, please go to www.holidaybreak.co.uk.

 

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