Saga ‘seeking buyer’ for Destinology

Saga has launched a fresh search to find a buyer for its luxury tour operation, Destinology, according to a Sky News report.

The over-50s insurance and travel group was reportedly seeking a buyer for Destinology in March 2019 but has revived the plan in response to the Covid-19 pandemic.

Sky News reported that Saga has instructed bankers to contact prospective buyers of Destinology, which it bought in 2014.

Duff & Phelps, the professional services firm, is reportedly handling the process.

Saga’s holiday and cruise operation has been hit by the Covid-19 pandemic and the group announced last month it has refunded £44 million to customers for cancelled holidays up until August.

It also said the delayed delivery of new ship Spirit of Adventure is expected by the end of October.

Saga’s advance cruise booking receipts at the end of May were £43 million, £5 million lower than at the end of March but described as being “well ahead of expectations”.

The company described customer loyalty for its cruise business as “exceptional”.

An ongoing restructure of the group saw about 300 redundancies being announced last month.

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