Coach holiday operator Shearings has denied reports that its owners are likely to put it up for sale.
The Independent on Sunday published a story yesterday which claimed private equity firm 3i was considering selling the operator and hotelier for a price tag in the region of £125 million.
According to the report, the Shearings board has appointed Deloitte to undertake a strategic review to consider a sale of all or part of the group, or floating it on the Stock Exchange.
The newspaper also claimed Deloitte was sounding out potential buyers.
A Shearings spokesman admitted the strategic review was taking place but said the move was to “assess a number of options to support the delivery of its mid-term growth plan”.
He added: “No advisers have been appointed to dispose of 3i’s investment in Shearings, nor is any sale process under way.
“Following a restructure of our operating model and significant investment in our product offering, the group continues to make excellent progress, with all divisions contributing to improved revenue and profit performance.”
FTSE 100 firm 3i bought Shearings five years ago having already bought Wallace Arnold, then the UK’s other leading coach operator, and merged the two.
Shearings made a pre-tax profit of £2.4 million on sales of £183.7 million in 2008, its last published accounts.