United Kingdom
United States
Asia Pacific
WA Shearings gains £25m refinancing
Over-50s operator WA Shearings has obtained a £25 million refinancing package.
The arrangement with Lloyds TSB follows a £78 million refinancing of the company’s balance sheet through the sale and leaseback of 39 of its 43 hotels.
The Lloyds TSB arrangement includes a £2.4 million fuel hedging facility and a £5 million foreign exchange dealing service to limit the operator’s exposure to volatility in the fuel and international currency markets.
The bank will also provide a £5.8 million bond to meet package travel regulations.
The financing comes 16 months after the £200 million merger between Shearings and the owners of Wallace Arnold.
WA Shearings carries 700,000 passengers a year on coach and air-based holidays, claims annual sales of £200 million and employs 3,400 staff.
Chief executive John Slatcher said: “The critical mass we have following the merger puts us in the lead position in a very stable sector of the holiday market.
“We are keen to grow the business and this financing deal means that we will be able to invest in the brand and ensure we remain at the forefront of this growing and increasingly affluent sector.”
Report by Phil Davies
Phil Davies
Kittipong Prapattong’s Plan for Thailand’s Tourism Growth: Taxes, Visas, and Campaigns
James Jin: Didatravel’s Journey from China to Global Reach and the Impact of AI on Travel
Darien Schaefer on Pensacola’s Evolution: From Small Town to Global Destination
Florida Tourism’s Next Frontier: Dana Young on Expanding Beyond the Classics
Patrick Harrison on Tampa Bay Tourism’s Resilience and Marketing Strategy
Bubba O’Keefe on Clarksdale’s Vibrant Music Scene
Commemorating Elvis and Embracing Tupelo’s Culture with Jennie Bradford Curlee
Craig Ray and the Expansion of the Blues Trail
Presenting Mississippi’s Cultural Trails with Katie Coats
Robert Terrell: A Journey Through BB King’s Influence
Rochelle Hicks: Celebrating Mississippi’s Musical Legacy
Exploring Jacksonville with Katie Mitura: The Flip Side of Florida
Boy falls to death on cruise ship
Dozens fall ill in P&O Cruises ship outbreak
Turkish Airlines flight in emergency landing after pilot dies
Unexpected wave rocks cruise ship
Woman dies after going overboard in English Channel