Major hotel, leisure and restaurant operator db Group is planning to exit the healthcare and flight catering business, selling its stake to James B. Holdings, the other major partner in the two joint ventures.
James B. Holdings is best known as the company behind James Caterers. It also produces the gluten-free line of products GlutX and nutrition-focused microwaveable meals Waistnot.
It was founded by James Barbara, who remains Chairman of the group.
db Group, through its Seabank Hotel and Catering Ltd subsidiary, currently has a 50 per cent stake in Malta Healthcare Caterers Ltd and a 40 per cent stake in Kore Air Services Ltd and Kore Inflight Services Ltd.
The proposed acquisition will see James B. Holdings take sole control over the businesses.
Malta Healthcare Caterers Ltd provides management services of long-term care facilities and healthcare catering services for hospitals and nursing homes. It holds a major contract for the management of a 504-facility at the state-owned St Vincent de Paul retirement home.
It reported total revenue of €131.5 million for the last financial year, with a profit of €9.96 million.
Kore Air Services Ltd provides inflight catering services to several major airlines operating out of Malta, while Kore Inflight Services Ltd provides administrative and management support services to Kore Air Services Limited.
Kore Air Services reported total turnover of €8.6 million for the year ended on 31st March 2024, with total profit of €1.09 million.
Asked why db Group is divesting of its interests in these profitable companies, and whether it seeks to free up capital for investment in other areas – including proposed additional floors to its landmark ORA Residences project and international expansion – the company declined to comment, citing the regulated nature of the process.
"We are not in a position to comment at this stage. Any announcements, if required, will be made as appropriate in due course," said a db Group spokesperson.
James B. Holdings did not respond to a request for comment as at the time of publication.
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