Saga is looking for a partner to invest in its insurance and cruise business as it seeks to cut debts inherited from its period under private equity ownership.
The insurance and travel group has told investors it is looking for support for its growth plans as it tries to reduce its £637.2 million debt pile.
Saga reported a higher-than-expected loss of £113 million for the year ended January 31, 2024. The company delivered the loss on the back of a goodwill writedown in its insurance business of £104.9 million, and restructuring costs of £40.3 million. Saga’s underlying revenue increased by 13 per cent from £648.9 million to £732.7 million.
Saga’s cruise and touring businesses are continuing to recover from the pandemic, as the ocean cruise