Shearings management agrees buy-out
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Shearings’ management team has acquired the tour operator after agreeing a buy-out from private equity firm 3i.
3i has now exited the business after initially backing the coach operator during its merger with Wallace Arnold in 2005, with Indigo Capital also selling its stake.
Chief executive Denis Wormell led the management buy-out, which has been backed by Lloyds Bank Commercial Banking. The terms have not been disclosed.
“This is an important milestone for the group, as we continue our growth strategy through building brands targeting third age customers. Lloyds Bank has been a committed partner of the business for many years. This new transaction demonstrates its continued confidence in the management team, the market and the model,” he said. “The group is hugely appreciative of 3i’s support over the years – a partnership which has enabled us to build a strong and scalable business for future growth.”
Shearings saw its passenger numbers increased 2.6% to 1.05 million in 2013 with sales of GBP195 million. Its underlying pre-tax profits came in at GBP5.8m.
Investment is expected for the Bay and Coast & Country hotel brands this year with room and facility updates.
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