World’s oldest travel firm Cox & Kings is looking for new backers weeks after Thomas Cook collapse


THE world’s oldest travel company Cox & Kings said it’s looking for new investors.

The news comes just weeks after Thomas Cook, the longest running British tour operator, collapsed.

 The world's oldest tour operator is seeking backing

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The world’s oldest tour operator is seeking backingCredit: Alamy

A spokesperson for the UK arm of Cox & Kings told Sky News: “Having successfully achieved an extension of its licence from the CAA, Cox & Kings UK is now actively seeking an investment partner with whom we can take the business forward.

“Advisors from KPMG have been appointed to assist us with this process.

“We are proud to have a strong brand here in the UK, something which has been reflected by the interest and enthusiasm we have seen from potential buyers so far.”

According to the news outlet, the company, which dates back to 1758, is one of the oldest in the world and focuses on luxury travel.

While there’s no suggestion that the UK arm of the firm is in financial trouble, the news comes as the Indian arm of Cox & Kings is said to be in the middle of a funding crisis.

The latter was a large shareholder in Malvern Group, which owned Super Break and LateRooms.com.

Both went into administration in August this year.

Shares of Cox & Kings in India hit an all time low today, with a market value under £3m.

 It comes weeks after Thomas Cook collapsed

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It comes weeks after Thomas Cook collapsedCredit: Nick Obank – The Sun

The news comes at a difficult time for holiday providers, many of which are reporting loses.

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And it’s just weeks after the Thomas Cook collapse, which left hundreds of thousands of people stranded abroad.

Thomas Cook was founded in 1941, and was the oldest tour operator in the world.

However, the company ran into funding difficulties due to a number of reasons, including expensive high street stores and cheap low-cost airlines.

The heatwave of 2018 also had an affect on it, as well as Brexit.

 

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Thomas Cook could soon return as an online-only travel agent, in a potential £11m name buyout by former shareholder Fosun.

TUI have taken advantage of the gap in the marker, adding another two million seats to their summer schedule.

Sun Online Travel contacted Cox & Kings for additional comment.





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