Saga’s boss accuses former private equity owners

Saga’s boss admits the company has gone astray and accuses former private equity owners

Saga’s boss accused the former private equity owner of admitting that the company had gone astray.

Yuan Sutherland, who joined insurance and vacation specialists in her 50s and above last January, criticized the lack of investment after the £ 1.35 billion acquisition in 2004.

Saga is currently worth just £ 430 million, is part of it, is in debt, and was listed on the stock market in 2014 by private equity fund owners Charterhouse, Permira and CVC. ..

Remarks: Yuan Sutherland criticized the investment shortage after the £ 1.35 billion acquisition in 2004

Equities are down 90% from their 2016 peak.

Sutherland said he has launched a major rebranding aimed at reconnecting with older customers.

“Our customers continue their lives and are modern until 2021. We are lagging behind. So part of what we are trying to fix is ​​the word Saga and the brand. It is recognition.

“I think it’s due to private equity ownership that was just optimized for the year and didn’t invest in the future. As a business, it suffered from different ownership structures for some time.

Saga Prefecture is just one of many companies that find it difficult to own a private equity fund.

Others include Debenhams, Silentnight, Bernard Matthews, Cath Kidston and Toys RUs.

There is growing concern about the impact of private equity on the UK economy.

Since the outbreak of the pandemic, many companies have been targeted by the industry, including supermarkets Asda and Morrisons, security company G4S, and defense giant Ultra Electronics.

To revive Saga and its brand, Sutherland said the company needs to consider its customers “experienced” rather than just “old.” The three 52-year-old fathers also want to take advantage of the enormous extra wealth gained by the retirees who saved the most cash during the pandemic when the economy was closed.

“People are living longer than ever,” he said. “They work longer, help their families and contribute to society.

“We know that our customers feel they are not old – they feel as if they are experienced. They are living a fulfilling life and have a lot to give. Saga is fully committed to getting the most out of every day. Saga is heading towards a recovery from the Covid 19 pandemic, which left two cruise ships in Tilbury Dock for most of the crisis. I’m fighting.

They only recently went to the sea because the restrictions were relaxed. In the meantime, the ship needed to be continuously serviced to avoid long-term damage without moving.

Sutherland said: “These ships are like aircraft. They are not meant to stop.

“They intend to pause for the day and move on, so they had to maintain functionality, such as taking the barnacles off the boat.”

Bookings have been strong since the restrictions were relaxed, and about 70% of customers who booked a trip during the pandemic retained their bookings, even though they moved the date four times. Sutherland criticized the travel ban imposed by the government.

“I don’t think the red, amber and green policies have helped,” he said. “It was completely confusing. I think our customer gave up for a while,” I don’t know how to navigate it. ” I think we are in a much better place as we get out of it now. ”

Sutherland said the transition to staycation is unlikely to continue, as some people are more enthusiastic about escaping than staying in the UK.

He said: “The feedback from our customers is that they can’t wait to escape.”

Grilled LV Chair’s face by MPs

Parliamentarians will grill controversial LV Chair Arankook on Friday about the proposed sale of a mutual insurer to US private equity firm Bain Capital.

Cook, who was the post office boss when the postmaster’s illegal prosecution began between 2006 and 2010, will be asked about the sale by a whole-party parliamentary group for each other. MP released a bitter report in April, discovering that a £ 530m deal was being pushed by its boss while members remained “insufficient.”

Many have suggested that 67-year-old Cook and LV CEO Mark Hartigan can make millions of dollars if the deal is closed. Gareth Thomas, chairman of the all-party group, said there were “many unanswered questions” about the deal.


Saga’s boss accuses former private equity owners

Source link Saga’s boss accuses former private equity owners

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