01 September 2020 12:44
Saga has confirmed it is at an advanced stage in discussions over a prospective £150 million equity capital raise. The company said funds could be used to strengthen its balance sheet, improve liquidity and support the execution of its reinvigorated strategy under its strengthened management team. It is hoped the plans could move forward later this month. ADVERTISEMENT Under the terms of the deal, former owner Roger De Haan intends to invest up to £100 million in the travel and insurance group. Alongside any investment, De Haan would join the board and become non-executive chairman, taking over from Patrick O'Sullivan.
De Haan, who owned Saga prior to the sale of the company to private equity group Charterhouse in 2004, was also chief executive for two decades. The current board of Saga released a statement unanimously supporting the proposed equity raise.