Saga plc
 | |
| Company type | Public |
|---|---|
| LSE:SAGA | |
| Industry | Insurance Travel Financial services |
| Founded | 1951 |
| Headquarters | , |
Key people | Roger De Haan (Chairman) Mike Hazell (Group Chief Executive Officer) |
| Revenue |  £581.1 million (2023)[1] |
 £(213.5) million (2023)[1] | |
| £(259.2) million (2023)[1] | |
| Website | corporate |
Sagais 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 theKentandSussexcoast: Enbrook Park and Priory Square.[2][3][4]It is listed on theLondon Stock Exchange.
History[edit]
Early history[edit]
The business was founded bySidney De Haanin 1951 and was passed to his sonRoger De Haanwho took over in 1984 after his father's retirement.[5]Saga was acquired by staff (20%) backed by the private equity firmCharterhousein October 2004.[6]Saga merged withThe AA(owned byCVCandPermira) to formAcromas Holdings.[7]
In July 2011, Saga acquiredAllied 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 theLondon Stock Exchangeas Saga PLC.[11]
Also in 2014, Saga acquired Bolton based luxury holiday company, Destinology.[12]
In January 2020, Saga appointedEuan Sutherlandas 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 providespackage holidaysand tours across the globe. It owns and operates the cruise shipsSpirit of DiscoveryandSpirit 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 byPaul 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 actorNicholas Farrelland calledExperience is Everything.[25]
Notes[edit]
- ^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 theCOVID-19 pandemic,Saga postponed the inaugural cruise till the 26 July 2021.[21]
References[edit]
- ^abc"Annual Report 2023"(PDF).Saga Group.Retrieved15 February2024.
- ^Saga Group Limited
- ^"MetroMail".metromail.co.uk.Retrieved3 April2015.
- ^"Welcome to Saga. Over 50s Insurance, Holidays, Magazine and More".saga.co.uk.Retrieved3 April2015.
- ^"Saga Holidays founder dies".BBC. 18 February 2002.Retrieved10 April2016.
- ^"Saga sale nets £1.2bn for founder's son".The Telegraph. 5 October 2004.Retrieved10 April2016.
- ^Goodman, Matthew (23 September 2007)."Equity windfall for Saga and AA staff".The Sunday Times.Times Newspapers Ltd.Retrieved14 November2009.
- ^"Allied Healthcare International Inc. to Be Acquired by Saga Group Limited".Market wired. 2011.Retrieved29 December2016.
- ^"Saga Sells Allied Healthcare Business To Aurelius For GBP19 Million".Morning Star.Retrieved13 February2017.
- ^"Saga Sells Allied Healthcare".Care Management Matters. 2 December 2015.Retrieved11 December2017.
- ^"Saga PLC company summary".London Stock Exchange.Retrieved27 August2014.
- ^"Saga takes majority stake in Destinology".Travel Weekly.Retrieved22 September2017.
- ^"Saga pauses Titan Travel sale due to coronavirus – reports".TTG.
- ^Goss, Louis (22 January 2023)."Saga looks to sell off insurance business to help pay down £721m debt".Archived fromthe originalon 3 October 2023.Retrieved8 February2024.
- ^Hancocks, Simon (17 February 2020)."Saga sells Bennetts Motorcycle insurance for £26m".Visordown.
- ^"Sale of introductory care agencies, Trading Update – Company Announcement - FT".markets.ft.
- ^"Preliminary Results 2022"(PDF).Saga.Retrieved7 February2024.
- ^abcHosking, Patrick (29 November 2023)."Saga chief quits after four years at the helm".The Times.ISSN0140-0460.Retrieved29 November2023.
- ^abc"Saga chief Euan Sutherland resigns as group explores debt reduction".ft.Retrieved29 November2023.
- ^"Saga's holidays help lift revenues as car insurance decelerates".The Telegraph. 30 April 2015.Retrieved11 April2016.
- ^Payne, Holly (2022)."Bookings open for Saga Cruises' 2021 UK summer sailings".Seatrade Cruise News.Archivedfrom the original on 30 July 2021.Retrieved5 January2022.
- ^"Travel".Saga Corporate.Retrieved5 January2017.
- ^"Saga magazine gets a new look".Wemakemedia.Retrieved13 February2017.
- ^"Obituaries — Paul Bach".The Daily Telegraph.16 October 2011.Retrieved24 October2011.
- ^Experience is Everything YouTube video
- Private providers of NHS services
- Seniors' organizations
- Travel insurance companies
- Folkestone
- Companies based in Kent
- Financial services companies established in 1951
- 1951 establishments in England
- Old age in the United Kingdom
- 2014 initial public offerings
- Insurance companies of the United Kingdom
- British companies established in 1951
- Companies listed on the London Stock Exchange
- Companies in the FTSE SmallCap Index