On the Beach buys rival site in £12m deal
Online holiday retailer On the Beach Group has acquired rival online travel agent Sunshine.co.uk for £12m.
The Cheadle-based group said it will fund the deal from existing cash resources and through an extension to its existing working capital revolving credit facility with Lloyds Bank.
The consideration will be split with 75% paid on completion and the remaining 25% in December.
Sunshine reported gross assets of £18.6m and EBITDA of £1.6m in its latest accounts for the 13 month period to 30 September 2016.
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