WA Shearings gains £25m refinancing
Over-50s operator WA Shearings has obtained a £25 million refinancing package.
The arrangement with Lloyds TSB follows a £78 million refinancing of the company’s balance sheet through the sale and leaseback of 39 of its 43 hotels.
The Lloyds TSB arrangement includes a £2.4 million fuel hedging facility and a £5 million foreign exchange dealing service to limit the operator’s exposure to volatility in the fuel and international currency markets.
The bank will also provide a £5.8 million bond to meet package travel regulations.
The financing comes 16 months after the £200 million merger between Shearings and the owners of Wallace Arnold.
WA Shearings carries 700,000 passengers a year on coach and air-based holidays, claims annual sales of £200 million and employs 3,400 staff.
Chief executive John Slatcher said: “The critical mass we have following the merger puts us in the lead position in a very stable sector of the holiday market.
“We are keen to grow the business and this financing deal means that we will be able to invest in the brand and ensure we remain at the forefront of this growing and increasingly affluent sector.”
Report by Phil Davies
Phil Davies
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