Former Saga boss set to make stunning return to ailing over-50s travel and insurance firm as part of £150m fundraising deal
The former boss of Saga is set to make a stunning return to the ailing over-50s travel and insurance firm as part of a £150million fundraising deal.
Sir Roger De Haan will inject £100million of his own money for a 20 per cent shareholding in the business and a role as a chairman, Sky News reported.
It is looking to raise £50million from other investors.
Suffering: Saga – now run by Euan Sutherland, the former boss of Superdry – has been battered by the Covid-19 crisis
The son of Saga founder Sydney de Haan, Sir Roger’s return comes 16 years after selling it to secretive private equity firm Charterhouse.
Saga – now run by Euan Sutherland, the former boss of Superdry – has been battered by the Covid-19 crisis.
In March, Saga was forced to suspend its cruises and forecast profits from that business would take a hit of £10million to £15million.
The size of the planned fundraise is almost equal to Saga’s current market capitalisation. Sir Roger is likely to pay a premium for his Saga shares while other investors will be issued new stock at a discount.
Last year, it emerged Elliott had taken a 5 per cent shareholding in Saga, leading to speculation the American activist fund was pushing for a break-up of the business.