Friday, 6 June 2014

3i Dispose of Shearings to Management Buyout Team

Shearings Group’s management has completed a buyout of the escorted tours and leisure hotels business, providing an exit for private equity firm 3i who have wanted to sell the business for a number of years.

The purchase - for an undisclosed amount - is led by Chief Executive Denis Wormwell and is backed by Lloyds Bank Commercial Banking.

As part of the deal, the Group has also renewed its existing banking facilities with Lloyds Bank for a further two years.

 Wigan-based Shearings carried a record 1.05m passengers during 2013, with sales of £195m and profits of £5.8m.
They run 240 leased coaches, 200 of which are under four years old.
The company is an amalgamation of Shearings, National holidays, Wallace Arnold and Smiths Happiways.