ACCOMMODATION-ONLY specialist Med Hotels
has been snapped up by Lastminute.com in a deal worth up to £22.6 million.
The
cash-plus-shares purchase will boost the Lastminute hotel inventory by 75%. Med
Hotels currently offers net rate deals with 1,500 properties in main summer sun
destinations.
The
deal also includes Med Hotels’ Travel bargains brand, which sells mainly via
teletext. The companies recorded sales of £38.6 million in the year to October
2002, making a gross profit of £5.3 million. This year sales are expected to
top £60 million.
A
fortnight ago Med Hotels sold off an undisclosed stake to Barclays Ventures for
£5 million.