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Friday, July 11, 2008, 10:00 Hrs  [IST]

Cox and Kings to acquire Tempo Holidays in Australia

Cox and Kings (India) Ltd (CKIL), one of the oldest travel companies in India is set to acquire Tempo Holidays Pty Ltd, Australia’s leading outbound travel wholesaler, for an undisclosed sum. The acquisition will help CKIL gain ground in the Australian travel market. On completion of the deal, ownership of Tempo Holidays will transfer to Cox and Kings (Australia) Pty Ltd, which is an entity controlled by CKIL. However, Tempo Holidays will retain its brand name. Steven Reynolds, will continue as the CEO and Cox and Kings will retain Tempo Holidays’ 100-plus staff, product range and management team. Additionally Tempo Holidays’ focus on travel agents will not change. In terms of the acquisition, one of Tempo’s most attractive qualities is its purpose built booking engine Tempo Holidays Online Reservation (THOR).  The current THOR system will be overhauled in the near future with the introduction of a new and improved THOR 2.

Tempo Holidays is owned by Susan and Gary Hearst and is in operation since 1990. It offers travel arrangements in over forty-two countries with particular focus on Europe, UK, the Middle East, India and Latin America. Elaborating on the deal, Peter Kerkar, Executive Director, CKIL, who is in Australia to discuss plans for the company said, “Cox and Kings is delighted with this development as Tempo Holidays already embodies the standard of excellence that we have stood for. The excellent base created by Tempo will allow us a platform to consolidate and enhance our product offering worldwide. Tempo and Cox and Kings will continue to be trade oriented.’’

Gary Hearst, Owner, Tempo Holidays Pty Ltd said, “Tempo will gain strength from the strong product synergies as well as improved purchasing power through its alignment with Cox and Kings which is a very solid and highly respected international company.’’

The Australian travel industry generated revenue of approximately USD 2.6 billion in 2006-2007, representing 0.2 per cent of Australia’s Gross Domestic Product (GDP).
 
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