SAGA – the holiday and insurance group aimed at the Over 50s market – is, reportedly, considering the sale of its cruise division in order to raise much needed cash to pay off its mounting debts.
According to Sky News, SAGA views its ocean cruises business as the best way of releasing funds, with a total sale of the business, the sale of its main ships or selling a stake in the business all under consideration.
SAGA has a debt mountain of more than £650m. A sale of the group’s insurance underwriting division – which had been looked at before – has not been ruled out either. According to Sky, though, outsourcing the cruise division to another operate via a licensing agreement; the sale and leaseback of its main ships; and selling the cruise business in part or full are more likely outcomes.
