Travel group Holidaybreak has sold London theatre ticket agency, West End Theatre Bookings to Encore Tickets for £10.9m.
Cheshire-based Holidaybreak sold West End Theatre Bookings, what it considered a non-essential part of its hotel breaks division, to Encore Tickets, one of the largest ticket agencies in operating in the West End. West End Theatre Bookings runs the website UKtickets.
Holidaybreak said in a statement that the price for West End Theatre Bookings represented a multiple of nearly 10 times its annual underlying pre-tax profits. They stated that the proceeds would be used to reduce group debts. West End Theatre Bookings achieved operating profits of £1m on revenues of £20.3m in the year to last September and had gross assets of £4.7m.
Martin Davies, Chief Executive of Holidaybreak, said: “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 education 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.”