A trio of Leger Shearings Group executives have increased their stake in the business to become majority shareholders.
Chief executive Liam Race, chief financial officer Andrew Oldfield and chief product officer Chris Plummer, who acquired a 30% stake in escorted coach tours company Leger Holidays in a management buyout (MBO) in 2019, have bought further shares from Ian Henry and Kathleen Henry.
Ian, who led the company for more than 30 years, and Kathleen, both previously majority shareholders, now become minority shareholders – with the former appointed as non-executive chairman.
Since the initial MBO in 2019, the Rotherham company has more than doubled in size, with Leger Holidays’ acquisition of the assets of former competitor Shearings in 2020 credited with aiding the growth and leading to the formation of Leger Shearings Group.
Arena Travel was a further acquisition in September 2022, broadening the product range, along with its specialist interest brands, crafting holidays specialist Stitchtopia and First for Bridge.
Race said: “This is a very exciting time for Leger Shearings Group, which is now the UK’s largest escorted coach tours operator. We made a bold move acquiring the iconic Shearings brand but it has certainly paid off.
“The business has delivered consistent profit growth since the pandemic and we are expecting to exceed last year’s record profit year with another record-breaking profit year for 2024.”
Race added the company has “ambitious revenue targets to grow the business” and hailed the recent launch of UK Direct Route Mini Breaks as an “instant success”.
River cruise is another growth area, he said, before teasing “big news on the development of the Shearings brand”.
Race said the company has “gone on a digital transformation” since 2019, including a recently launched artificial intelligence platform in the contact centre, but stressed: “Our prime focus is the customer and instrumental to our success is customer satisfaction, which ultimately leads to repeat business.
“We will turn the year with record forward revenue, and over 55% of 2025 sales already secured.”
Ian Henry said: “Liam, Andy and Chris have been instrumental in the recent growth and transformation of the business.
“They have led the business through the challenges of the Covid era, and on through recovery and then impressive growth. They have built a great team of talent around them, and I look forward to supporting them on the next stage of the journey.”
The deal was supported by KPMG for legal and tax, and White Hart Associates supplied regulatory advice.
NatWest provided an eight-figure multimillion-pound debt facility to fund the transaction.
The bank’s relationship director, Andy Croasdell, said: “Leger Shearings Group is moving forward with exciting plans that will enable the business to achieve future profitable growth.
“We have a long-standing relationship with the business, working beside a first-class management team who navigated the business through an extremely challenging period during the pandemic, and in more recent times, [Leger Shearings Group] has delivered significant volume and service expertise to a loyal customer base.
“We are delighted to support this next phase and will continue to support Liam and his team as they explore new opportunities for business growth.”