Excite platform likely to be sold
THE Administrators of the collapsed Excite Holidays have confirmed they are in “confidential and advanced discussions” with a single preferred bidder for the company’s proprietary online travel booking platform.
The Second Report to Creditors released yesterday by Morgan Kelly from KPMG (see page one) notes that immediately following the Administrators’ appointment a sale process for the system was urgently commenced.
A total of 17 parties expressed initial interest, with non-disclosure agreements subsequently executed by eight prospective bidders who were given access to the data room.
Three interested parties submitted non-binding expressions of interest by the closure date of 19 Jan, and since then the Administrators have entered into exclusive negotiations with a preferred party, whose due diligence is at an advanced stage.
“We anticipate that a further update on the sale will be available at the Second Meeting of Creditors,” Kelly said, with the meeting scheduled for next Mon 17 Feb.
Currently the amount expected from the sale of the company’s assets is listed as “commercially sensitive” in the report.