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Saga plc

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From Wikipedia, the free encyclopedia

Saga plc
Company typePublic
LSE: SAGA
IndustryInsurance
Travel
Financial services
Founded1951
Headquarters
Folkestone, Kent
,
United Kingdom
Key people
Roger De Haan (Chairman)
Mike Hazell (Group Chief Executive Officer)
RevenueIncrease £581.1 million (2023)[1]
Decrease £(213.5) million (2023)[1]
Decrease £(259.2) million (2023)[1]
Websitecorporate.saga.co.uk

Saga is a British company focused on serving the needs of those aged 50 and over. It has 2.7 million customers. The company operates sites on the Kent and Sussex coast: Enbrook Park and Priory Square.[2][3][4] It is listed on the London Stock Exchange.

History

[edit]

Early history

[edit]

The business was founded by Sidney De Haan in 1951 and was passed to his son Roger De Haan who took over in 1984 after his father's retirement.[5] Saga was acquired by staff (20%) backed by the private equity firm Charterhouse in October 2004.[6] Saga merged with The AA (owned by CVC and Permira) to form Acromas Holdings.[7]

In July 2011, Saga acquired Allied Healthcare. On 31 January 2015, it wrote it down to zero, and then sold it, at a small net profit, to Aurelius Group in December 2015.[8][9][10]

In May 2014, Saga Group Ltd was successfully listed on the London Stock Exchange as Saga PLC.[11]

Also in 2014, Saga acquired Bolton based luxury holiday company, Destinology.[12]

In January 2020, Saga appointed Euan Sutherland as CEO of the Saga Group. At the same time, Saga's escorted touring brand Titan Travel was put up for sale, but has subsequently been paused due to the ongoing impact of Coronavirus.[13]

Debt problems

[edit]

In 2019 the company issued a profit warning and since then it has struggled to reduce its debt. Part of the strategy has been to sell off assets.[14]

In February 2020, Saga sold its motorcycle insurance business, Bennetts, to Atlanta Investment Holdings Ltd, part of the Ardonagh group, for £26 million.[15]

In March 2020, Saga sold its Patricia White's and Country Cousins domiciliary care agencies to private equity firm Limerston Capital for a reported £14 million now rebranded as Trinity Homecare.[16]

In June 2020 Saga Care at Home permanently closed and its assets assigned to another care provider. This marked the end of Saga's involvement in the homecare sector.[17]

In November 2023, Euan Sutherland resigned as chief executive with immediate effect after serving for four years.[18][19] Sutherland will serve until January 2024.[18][19] Mike Hazell, the company's finance director, has been appointed as his replacement.[18][19]

Operations

[edit]

Saga's operations include:[20]

  • Saga Holidays provides package holidays and tours across the globe. It owns and operates the cruise ships Spirit of Discovery and Spirit of Adventure[a] as well as Titan Travel and luxury holiday company, Destinology.[22]
  • Saga Services provides a wide range of Insurance products, Motor, Home, Travel, Caravan, Pet, Private Medical, Life Insurance, Motorhome.
  • Saga Personal Finance provides savings accounts, credit cards, travel money, financial advice, equity release, share dealing, annuities, life assurance & long term care funding advice.
  • Saga SOS Personal Alarms.
  • Saga also owns direct mail and fulfilment service, Metro Mail.

Magazine

[edit]

Saga operates a subscription magazine, Saga Magazine, with a circulation of 627,000 and a readership of one million per month; it has been described as the "United Kingdom's biggest selling monthly subscription title".[23] Founded by Paul Bach, under his editorship, it became Britain's biggest selling monthly magazine.[24]

Television campaign

[edit]

In 2021 Saga launched a new television campaign featuring actor Nicholas Farrell and called Experience is Everything.[25]

Notes

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  1. ^ Her keel was laid on 3 June 2019 and the ship was delivered on 29 September 2020, but in response to travel restrictions caused by the COVID-19 pandemic, Saga postponed the inaugural cruise till the 26 July 2021.[21]

References

[edit]
  1. ^ a b c "Annual Report 2023" (PDF). Saga Group. Retrieved 15 February 2024.
  2. ^ Saga Group Limited
  3. ^ "MetroMail". metromail.co.uk. Retrieved 3 April 2015.
  4. ^ "Welcome to Saga. Over 50s Insurance, Holidays, Magazine and More". www.saga.co.uk. Retrieved 3 April 2015.
  5. ^ "Saga Holidays founder dies". BBC. 18 February 2002. Retrieved 10 April 2016.
  6. ^ "Saga sale nets £1.2bn for founder's son". The Telegraph. 5 October 2004. Retrieved 10 April 2016.
  7. ^ Goodman, Matthew (23 September 2007). "Equity windfall for Saga and AA staff". The Sunday Times. Times Newspapers Ltd. Archived from the original on 12 June 2011. Retrieved 14 November 2009.
  8. ^ "Allied Healthcare International Inc. to Be Acquired by Saga Group Limited". Market wired. 2011. Retrieved 29 December 2016.
  9. ^ "Saga Sells Allied Healthcare Business To Aurelius For GBP19 Million". Morning Star. Retrieved 13 February 2017.
  10. ^ "Saga Sells Allied Healthcare". Care Management Matters. 2 December 2015. Retrieved 11 December 2017.
  11. ^ "Saga PLC company summary". London Stock Exchange. Retrieved 27 August 2014.
  12. ^ "Saga takes majority stake in Destinology". Travel Weekly. Retrieved 22 September 2017.
  13. ^ "Saga pauses Titan Travel sale due to coronavirus – reports". TTG.
  14. ^ Goss, Louis (22 January 2023). "Saga looks to sell off insurance business to help pay down £721m debt". Archived from the original on 3 October 2023. Retrieved 8 February 2024.
  15. ^ Hancocks, Simon (17 February 2020). "Saga sells Bennetts Motorcycle insurance for £26m". Visordown.
  16. ^ "Sale of introductory care agencies, Trading Update – Company Announcement - FT.com". markets.ft.com.
  17. ^ "Preliminary Results 2022" (PDF). Saga. Retrieved 7 February 2024.
  18. ^ a b c Hosking, Patrick (29 November 2023). "Saga chief quits after four years at the helm". The Times. ISSN 0140-0460. Retrieved 29 November 2023.
  19. ^ a b c "Saga chief Euan Sutherland resigns as group explores debt reduction". www.ft.com. Retrieved 29 November 2023.
  20. ^ "Saga's holidays help lift revenues as car insurance decelerates". The Telegraph. 30 April 2015. Retrieved 11 April 2016.
  21. ^ Payne, Holly (2022). "Bookings open for Saga Cruises' 2021 UK summer sailings". Seatrade Cruise News. Archived from the original on 30 July 2021. Retrieved 5 January 2022.
  22. ^ "Travel". Saga Corporate. Retrieved 5 January 2017.
  23. ^ "Saga magazine gets a new look". Wemakemedia. Retrieved 13 February 2017.
  24. ^ "Obituaries — Paul Bach". The Daily Telegraph. 16 October 2011. Retrieved 24 October 2011.
  25. ^ Experience is Everything YouTube video
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