Embargoed for release at 08.30 hours, 24 June 2010
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