Gurassa linked to Saga bid

Former Thomson chief Charles Gurassa has been linked to a potential bidder for over-50s holiday and financial services group Saga. He has been approached by private equity group Cinven to head a possible £1 billion bid for Saga. Sources confirmed that Mr Gurassa was getting involved in the bidding process for Saga although a Cinven spokesman was unable to comment. Mr Gurassa was responsible for a financial turnaround at the former Thomson Travel Group and its £1.8 billion sale to German travel giant TUI in 2000. He previously held senior management positions at British Airways and Thomas Cook. Saga, based in Folkestone, Kent, employs more than 3,000 people, with travel accounting for almost 60% of its turnover. The company runs two cruise ships and has acquired Cunard’s Caronia to start sailing under the Saga flag next year. Saga, which runs radio stations and a magazine alongside insurance services and holidays for the over-50s, has been the subject of bid speculation since before Christmas. Report by Phil Davies