13 August 2014
Saga plc
Acquisition of Destinology Ltd
Saga plc ("Saga" or "the Group"), the UK's leading provider of products and services primarily tailored for the over 50s, today announces the acquisition of a majority shareholding in Destinology Ltd ("Destinology"), an online travel firm specialising in four and five star holidays to the UAE, Far East, Indian Ocean and Europe. The Group will have the option to acquire the remaining shareholding at a later date.
The acquisition will be wholly funded from existing cash resources within the Group's Travel business.
Destinology, a privately-owned business founded in 2004, served 30,000 holidaymakers last year. It employs 110 staff at its Bolton head office. Key senior management will remain with the business.
Lance Batchelor, Group Chief Executive, commented: "Destinology is one of the UK's leading travel businesses with strong expertise in online sales and marketing and award winning service so we are very pleased to have brought the business into the Group.
"It is an excellent fit with our existing travel brands - Saga Holidays, Saga Cruises and Titan Travel - particularly in relation to the demographic it serves, and will enhance our range of travel offers to customers."
ENDS
For further information please contact:
Saga plc |
|
Tim McCall, director of corporate affairs |
Tel: 07753 561862 |
|
Email: [email protected] |
Paul Green, director of communications |
Tel: 01303 776 023 / 07714 414859 |
|
Email: [email protected] |
|
|
MHP Communications |
|
Andrew Leach / Simon Hockridge |
Tel: 020 3128 8100 |
Notes to editors:
Saga is a leading provider of products and services primarily tailored for customers over the age of 50 in the UK. The Saga brand has been carefully developed over the past 60 years to become one of the most recognised and trusted brands among UK consumers aged over 50. Saga is synonymous in the UK with the over 50s market and is recognised for its high quality products and services. These include cruises and holidays, home and motor insurance, savings and share dealing and publishing the UK's award winning Saga Magazine. Saga also provides domiciliary and primary healthcare services through Allied Healthcare. In addition to 2.1 million active customers it has built a proprietary database of more than 10.4 million contactable names.
In the year ending 31 January 2014 underlying Group revenue was £1,197.2 million, underlying EBITDA was £222.4 million.
Saga plc's travel division employs approximately 1,200 people, selling approximately 194,000 holidays each year across its key holiday and cruise brands.
http://www.saga.co.uk/
