A process towards an estimated £40 million sale of Shearings is about to kick off, according to reports.
Private equity company 3i is looking to offload the coach holiday operator and last year appointed advisors from Deloitte to find a buyer for the company, according to the Telegraph.
But after a deal with a trade buyer failed to material, PriceWaterhouseCoopers was asked to find a new private equity investor to back the Shearings’ management in a buy-out.
Quoting sources familiar with the situation, the newspaper said PwC’s new auction process will start shortly.
Sources were quote as saying that “lots of potential buyers have been knocking on the door”.
Shearings was bought by 3i in 2005 from Bridgepoint Capital and was merged with rival Wallace Arnold.