Saga backers sell chunk of business

Saga’s private-equity backer Acromas has cut its stake in the group after selling 11% of its shareholding to raise £239 million.

The 122.5 million shares were bought at 195p each. The sale will reduce Acromas’ stake in the over-50s travel, insurance and personal services group to 51%.

Acromas is made up of Saga employees along with private-equity groups Charterhouse Capital Partners, CVC Capital Partners and Permira.