Yahoo News Kuoni Travel Auction Draws Bid From Endless
A British turnaround investor has entered the fray to buy Jules Verne and some of Britain's best-known specialist travel brands.
Sky News understands that Endless, a private equity group, was among a clutch of preliminary bidders for the tour operating arm of Kuoni, the Swiss-based company.
Kuoni said earlier this year that it was putting the business up for sale in order to focus on corporate and government travel services amid fierce consumer competition from online rivals.
According to a document containing information on the prospective sale, which has been given the codename Project Alpha by Morgan Stanley, Kuoni's adviser, the UK business saw sales of £287m last year.
In addition to Jules Verne, the auction includes Kirker, which devises tailored short-breaks for independent travellers, Carrier, a luxury holiday provider, and Journeys of Distinction, which supplies escorted tours to wealthy customers.
Kuoni's products are distributed in the UK through 25 company-owned stores, 11 Kuoni-branded partner shops and 10 concessions inside John Lewis department stores.
The group's tour operations in countries such as Belgium, the Netherlands, China and India are also up for sale.
One source close to the process said there had been some uncertainty about the ability for a buyer to continue using the Kuoni brand over the long term.
Endless, which has invested in companies such as Bathstore, the retailer, and Crown Paints, is said to have submitted a speculative bid, and it was unclear on Thursday whether it would pursue its interest.
Kuoni declined to comment.
Employing nearly 4,000 people, Kuoni justified its decision to look at off-loading the business by pointing to the need for "travel companies to choose distinct development priorities".
Derek Jones, Kuoni's UK managing director, said in January: "It's very much business as usual right now for all our staff and customers.
"We firmly believe that the outbound business can be better developed under new ownership and we'll be working closely with our colleagues in Switzerland to make sure we find the right buyers."
The auction comes as Thomas Cook, one of the UK's biggest travel companies, attempts to deal with the fallout from its handling of the deaths of two children at a hotel in Corfu nine years ago.
The broader industry is seeing a significant volume of corporate activity, with TUI last week confirming a Sky News story that it intends to sell Laterooms , one of its online operations.
