Cox and Kings receivers
THE global business of Cox & Kings continues to crumble, with receivers formally appointed to Prometheon Enterprise Limited, the UK parent company of C&K.
India’s Yes Bank, which is owed hundreds of millions of dollars, has appointed Damian Webb of accounting firm RSM in London as receiver of Prometheon, citing a charge over another company, called Prometheon Holdings (UK).
Prometheon Enterprise was also the ultimate holding company of Tempo Holidays Pty Limited, which collapsed last month (TD 20 Sep) putting almost 100 staff in Australia and NZ out of work.
Prometheon’s most recent accounts, for the year to 31 Mar 2018, indicated group turnover of £454.2 million (A$850m) and a profit of £66.3 million.
Yes Bank is also a major creditor of Tempo Holidays, because Cox & Kings India has defaulted on a loan which has in turn triggered a call by the bank on the assets of all group companies.
During this week’s Second Creditors Meeting for Tempo (TD 29 Oct), administrator Laurence Fitzgerald also referred to action by India’s National Company Law Tribunal against Cox & Kings, admitting an “insolvency plea” brought by Rattan India Finance.
That’s just one of 10 cases brought by creditors in India, with Cox & Kings thus far not responding to a week-old request from the Bombay Stock Exchange for clarification of the situation.