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Saga ‘planning to sell Titan and Destinology’
Over-50s specialist Saga is remaining tight-lipped over a Sky News report it is planning to sell off its Titan Travel and online upmarket long haul Destinology businesses.
Sky’s city editor Mark Kleinman claims the company is ‘exploring the sale of a cluster of its leisure businesses as it seeks to streamline its operations’ and is ‘working with bankers on the possible disposal’ of the two businesses.
Duff & Phelps, the professional services firm, has been hired by Saga to ‘gauge the appetite of potential buyers’, Sky reports, adding the two businesses could collectively command a price tag of £100m.
Sky said: "The possible disposals are part of an effort by Lance Batchelor, the company’s chief executive, to focus on its Saga-branded businesses.
"Destinology and Titan Travel have been owned by Saga for five and 10 years respectively, but make only a modest contribution to the group’s earnings, the sources added.
"The two cruise ships which operate holidays for Titan Travel customers – Saga Pearl II and Saga Sapphire – are due to leave service by June next year, the company said in January."
Batchelor is also thought to have explored offloading non-core insurance assets in recent months, although these are not thought to be part of the work being overseen by Duff & Phelps, the report added.
Saga declined to comment.
Lisa
Lisa joined Travel Weekly nearly 25 years ago as technology reporter and then sailed around the world for a couple of years as cruise correspondent, before becoming deputy editor. Now freelance, Lisa writes for various print and web publications, edits Corporate Traveller’s client magazine, Gateway, and works on the acclaimed Remembering Wildlife series of photography books, which raise awareness of nature’s most at-risk species and helps to fund their protection.
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