24th Jun 2010 08:30
Embargoed for release at 08.30 hours, 24 June 2010 Rightmove plc Sells Holiday Lettings (Holdings) Limited to TripAdvisor
Rightmove plc, the UK's number one property website, today announces that its wholly owned subsidiary, Rightmove Group Limited ("RGL") has sold its majority interest in Holiday Lettings (Holdings) Limited ("HLHL"), the holding company of Holiday Lettings Limited (together with HLHL, "Holiday Lettings") to TripAdvisor LLC for an undisclosed sum.
The sale is not expected to have a material impact on Rightmove's underlying operating profit from continuing operations. Holiday Lettings will be reported as a discontinued operation in Rightmove plc's half yearly report. Gross assets disposed of approximate £1.0 million based on the consolidated balance sheet of Holiday Lettings prepared on a consistent basis to the latest audited accounts of Rightmove plc as at 31 December 2009.
"Holiday Lettings has been a very successful business under our period of majority ownership." said Ed Williams, Rightmove plc Managing Director. "However, Holiday Lettings is naturally a travel sector business and should benefit in the future under the ownership of a large travel website such as TripAdvisor. We are delighted with our financial returns following a successful three year stewardship of Holiday Lettings, and thank founders Ross Elder and Andy Firth for their excellent contributions. We wish them and the business much future success"
For further information please contact:Rightmove plc +44(0)7894 255295 Ends
vendorRelated Shares:
Rightmove