Thomas Cook has strengthen its position in the independent travel sector, as it has agreed to acquire the entire issued share capital of hotels4U.com Limited from Centurion Holiday Group Limited.The initial consideration, net of amounts to be reinvested by Haim Perry, Managing Director of Hotels4U and Jacky Bedlow, Finance Director, is ￡21.8 million payable in cash from internal resources. The management’s reinvestment is subject to earn out arrangements based on the profitability of Hotels4U up to 2013.
Hotels4U, which sells exclusively via the internet, is the UK’s largest independent bed bank, providing accommodation and resort transfers to over 500,000 customers per year and has access to in excess of 30,000 hotels internationally.
The current Hotels4U senior management team will remain with the business, including Haim Perry who founded the company in 2003.
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