Tue, 12 Nov 2024 | MBO/MBI
The management team of battlefield, bridge and knitting coach tours company, Leger Shearings Group (LSG) have taken majority control of the business after receiving funding from NatWest.
The eight-figure funding deal for the Rotherham-based firm will see LSG’s chief executive Liam Race, chief financial officer Andy Oldfield and chief product officer Chris Plummer become majority shareholders of the group.
The trio bought a 30 per cent stake via a management buy-out in 2019 and have now acquired further shares from Ian Henry and Kathleen Henry who led the company for over 30 years. The Henrys now become minority shareholders with Ian taking on the role of non-executive chairman.
Leger Holidays says it is the UK’s largest escorted coach tour operator offering holidays across the UK and Europe and specialist trips such as Battlefield Tours, crafting including knitting breaks and trips for lovers of the card game bridge.
Since the MBO the group has more than doubled in size helped by growing demand for coach travel given its greener credentials, Brexit and more comfortable vehicles. Leger has also benefited from buying the assets of former rival Shearings in 2020 and Arena Travel in 2022.
According to its most recent financial results in the year to December 31, 2023 it posted a turnover of £13.6 million up from £12.1 million in 2022. It also recorded a pre-tax profit of £3.1 million, up from £2.5 million.
Race said: “This is a very exciting time for Leger Shearings Group. We made a bold move acquiring the iconic Shearings brand but it has certainly paid off. The business has delivered consistent profit growth since the pandemic and we are expecting to exceed last year’s record profit year with another record-breaking profit year for 2024.”
Race added the company has “ambitious revenue targets to grow the business” and hailed the recent launch of UK Direct Route Mini Breaks as an “instant success”. River cruise is another growth area, he said.
Ian Henry said: “Liam, Andy and Chris have been instrumental in the recent growth and transformation of the business. They have led the business through the challenges of the Covid era, and on through recovery and then impressive growth.”
The deal was supported by KPMG for legal and tax, and White Hart Associates for regulatory advice.
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