Saga closes Destinology after failing to find buyer
Saga has abandoned plans to sell its ailing Destinology business and closed it down.
The upmarket brand was put on the market earlier this but no buyer has been found.
Reporting its half year results this morning. Saga said the ‘planned sale of Destinology has not taken place as intended’.
"The Group will continue to evaluate its options for this business as part of a plan that would see it not remaining as part of the Group into the future," it said.
But a message on the Destinology website says the business has now closed.
"It is with great regret we have to announce that Destinology Limited is now closed," the message from Managing Director Deborah Windle reads. "Thank you all for your kind support."
It is thought Saga had been close to striking a deal with a potential buyer when quarantine rules wrecked the travel recovery.
It is also understood Saga would have needed to inject significant additional cash into the business with little chance of a profit in the next few years.
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