Management buy-out at Shearings
Coach operator Shearings has undergone a management buyout led by chief executive Denis Wormwell.
The deal, backed by Lloyds Bank Commercial Banking, provides an exit for private equity firm 3i, which had backed Shearings’ merger with Wallace Arnold in 2005. Fellow investor Indigo Capital has also sold its shares.
"This is an important milestone for the group, as we continue our growth strategy through building brands targeting third age customers," said Wormwell.
"Lloyds Bank has been a committed partner of the business for many years. This new transaction demonstrates its continued confidence in the management team, the market and the model.
"The group is hugely appreciative of 3i’s support over the years – a partnership which has enabled us to build a strong and scalable business for future growth."
Dave Allanson, area director of Lloyds Bank Commercial Banking in the North West, added: "Denis and the team have demonstrated to us the resilience of the business, maintaining strong sales and growing profits despite one of the toughest climates the holiday market has seen for many years.
"Despite continued pressure on consumer spending, we’re confident that the business will continue to progress further thanks to its loyal customer base, diversified product offering and clear strategy."
Shearings recorded passenger numbers of 1,050,000, up by 2.6% over 2013, generating sales of £195m and underlying pre-tax profits of £5.8m.
Bev
Editor in chief Bev Fearis has been a travel journalist for 25 years. She started her career at Travel Weekly, where she became deputy news editor, before joining Business Traveller as deputy editor and launching the magazine’s website. She has also written travel features, news and expert comment for the Guardian, Observer, Times, Telegraph, Boundless and other consumer titles and was named one of the top 50 UK travel journalists by the Press Gazette.
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