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Cox & Kings Ltd. (C&K), the global holidays and education travel group, on Friday announced that its 100 per cent subsidiary Prometheon Enterprises Ltd (PEL) has sold additional stake of 3 per cent in Prometheon Holdings (UK) Limited (PHUK) to an investee company of SSG Capital Management.
In the first tranche, announced on 22nd March 2018, PEL had sold 11.58 per cent stake to SSG Capital Management. PEL along with C&K India earlier held 65.58per cent of PHUK, which houses the Education and Hybrid hotels businesses.
Pursuant to the stake sale in two tranches, Cox & Kings Group will hold 51 per cent of PHUK through PEL & C&K India while SSG Capital will hold 49per cent. In November 2017, SSG Capital had first invested in PHUK when it bought The Rohatyn Group’s (TRG) entire stake of 34.42per cent.
PGL and NST are leaders in the experiential learning space in the UK and have taken the product to Australia. The business is attracting strong volumes in inbound student traffic from Europe and China. In the meantime, Meininger has evolved as the leader in the high growth hybrid hotel-hostel space and is setting up new hotels at a rapid pace across major cities in Europe.
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