Saga puts Destinology back on the market
Saga is trying again to sell its luxury tailormade travel business Destinology as part of plans to streamline the business, according to Sky News.
The over-50s travel and insurance specialist announced last week that it was to lay off around 300 members of staff, with most of the job losses expected to come from the travel side of the business.
The company, which saw its after-tax loss almost double in 2019, has been hard hit by the coronavirus pandemic as it has invested heavily in the cruise side of the business.
Sky News reported today that it has instructed bankers to seek a buyer for Destinology, which it bought in 2014. The professional services firm Duff & Phelps is understood to be handling the process.
Saga’s previous chief executive Lance Batchelor is understood to have been seeking a buyer for both Destinology and one of the group’s other travel brands Titan Travel in March last year.
Batchelor retired late last year and was replaced by Euan Sutherland, the former chief executive of clothing brand Superdry and the Co-operative Group.
Saga, which also owns Saga Holidays and Saga Cruises, didn’t comment on the Sky report.
Linsey McNeill
Editor Linsey McNeill has been writing about travel for more than three decades. Bylines include The Times, Telegraph, Observer, Guardian and Which? plus the South China Morning Post. She also shares insider tips on thetraveljournalist.co.uk
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