Shearings ‘on the market for £40m’
SHEARINGS, the coach holidays group owned by the private equity firm 3i, has been put up for sale for around £40m, according to weekend reports.
The Sunday Telegraph said 3i had appointed PricewaterhouseCoopers to find a buyer after a search led by Deloitte last year failed to yield results.
The report said PwC will start an auction process shortly and there has been significant interest from potential buyers.
In a statement the company denied a sale was on the cards. A spokesman said: “Our investment partners are working with advisors on an ongoing basis to review strategic options for the business. There is no sale process underway.”
Shearings was formed in 2005 following the merger of Shearings with Leeds-based Wallace Arnold, valued at around £200m. The new business was called WA Shearings but the ‘WA’ has since been dropped by chief executive Denis Wormwell.
According to figures released by the company last month, operating profits, adjusted to account for exceptional costs, grew by 12% to £4.6m in the year to December 31. Revenue was up 4% to £187.1m.
The company operates a fleet of 250 coaches and a chain of 50 hotels.
