Business
Sale of West End Theatre Booking Limited
Sale of West End Theatre Booking Limited.
About this update from Harbour Energy Plc
[{"type":"text","content":"\n \nRNS Number : 6993I Holidaybreak PLC 20 June 2011 \n \n\n20 June 2011: For immediate release \n \nHOLIDAYBREAK PLC\n \nSALE OF WEST END THEATRE BOOKINGS LIMITED\n \nHolidaybreak 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.\n\nThe 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.\n\nIn 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. \n\nCommenting on the sale, Martin Davies, Chief Executive of Holidaybreak plc, said:\n\"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.\nAt 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.\"\n \n \nFor further information, please contact:\nHolidaybreak +44 (0) 1606 787100 \nMartin Davies / Neil Bright  ...