Early history
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
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]
£741.1 million (2024) [1]