Lowcostbeds pulls out of Ideal Cruising deal

Lowcostbeds has dramatically pulled out of a deal to buy Ideal Cruising at the eleventh hour after failing to agree a price for the business.

A deal between the bedbank and Ideal Cruising was originally announced in October 2008 and was expected to complete in the coming weeks.

A statement from the pair today hinted at a difference in the valuation for the business.

Lowcosbeds chief executive Paul Evans said: “Ideal is a great business with an excellent management team. However this is a time for more conservative valuations of even good businesses like Ideal, and we have therefore withdrawn from the negotiations.”

Ideal Cruising chairman Ian Brooks said the company was “disappointed” not to have completed the sale of the business.

“However we understand their reasons for not going through with it, and ultimately we have a good business which we were not willing to sell below a premium price,” he added.

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