Saga plc
{{Short description|British company}}
{{Use British English|date=October 2015}}
{{Use dmy dates|date=October 2015}}
{{Infobox company
| name = Saga plc
| logo = Saga Logo Indigo.svg
| type = Public
| traded_as = {{LSE|SAGA}}
| foundation = 1951
| founder =
| location_city = Folkestone, Kent
| location_country = United Kingdom
| location =
| locations =
| area_served =
| key_people = Roger De Haan (Chairman)
Mike Hazell (Group Chief Executive Officer)
| industry = Insurance
Travel
Financial services
| products =
| services =
| revenue ={{increase}} £741.1 million (2024){{cite web|url=https://corporate.saga.co.uk/media/4e4gaopj/saga-plc-2024-annual-report-and-accounts.pdf|title=Annual Report 2024|publisher=Saga Group|accessdate=11 February 2025}}
| operating_income ={{increase}} £(84.6) million (2024)
| net_income ={{increase}} £(113.0) million (2024)
| owner =
| num_employees =
| parent =
| divisions =
| subsid =
| homepage = {{url|corporate.saga.co.uk}}
| footnotes =
}}
Saga is a British company focused on serving the needs of those aged 50 and over. It has 2.7 million customers. The company operates sites on the Kent and Sussex coast: Enbrook Park and Priory Square.[http://www.hoovers.com/company/Saga_Group_Limited/ryhsysi-1.html Saga Group Limited]{{cite web|url=http://www.metromail.co.uk/|title=MetroMail|work=metromail.co.uk|accessdate=3 April 2015}}{{cite web|url=http://www.saga.co.uk|title=Welcome to Saga. Over 50s Insurance, Holidays, Magazine and More|work=www.saga.co.uk|accessdate=3 April 2015}} It is listed on the London Stock Exchange.
History
=Early history=
The business was founded by Sidney De Haan in 1951 and was passed to his son Roger De Haan who took over in 1984 after his father's retirement.{{cite web|url=http://news.bbc.co.uk/1/hi/england/1828274.stm|title=Saga Holidays founder dies|date=18 February 2002|publisher=BBC|accessdate=10 April 2016}} Saga was acquired by staff (20%) backed by the private equity firm Charterhouse in October 2004.{{cite web|url=https://www.telegraph.co.uk/finance/2896439/Saga-sale-nets-1.2bn-for-founders-son.html|title=Saga sale nets £1.2bn for founder's son|publisher=The Telegraph|date=5 October 2004|accessdate=10 April 2016}} Saga merged with The AA (owned by CVC and Permira) to form Acromas Holdings.{{cite news|url=http://business.timesonline.co.uk/tol/business/industry_sectors/support_services/article4296821.ece|archive-url=https://web.archive.org/web/20110612210045/http://business.timesonline.co.uk/tol/business/industry_sectors/support_services/article4296821.ece|url-status=dead|archive-date=12 June 2011|title=Equity windfall for Saga and AA staff|last=Goodman|first=Matthew|date=23 September 2007|work=The Sunday Times|publisher=Times Newspapers Ltd|accessdate=2009-11-14}}
In July 2011, Saga acquired Allied Healthcare. On 31 January 2015, it wrote it down to zero, and then sold it, at a small net profit, to Aurelius Group in December 2015.{{Cite web|url=http://www.marketwired.com/press-release/allied-healthcare-international-inc-to-be-acquired-by-saga-group-limited-nasdaq-ahci-1543877.htm|title=Allied Healthcare International Inc. to Be Acquired by Saga Group Limited|publisher=Market wired|accessdate=29 December 2016|year=2011}}{{Cite web|title= Saga Sells Allied Healthcare Business To Aurelius For GBP19 Million | url=http://www.morningstar.co.uk/uk/news/AN_1448974146128901600/saga-sells-allied-healthcare-business-to-aurelius-for-gbp19-million.aspx|publisher=Morning Star|accessdate= 13 February 2017}}{{Cite web|title= Saga Sells Allied Healthcare | date=2 December 2015| url=https://www.caremanagementmatters.co.uk/saga-sells-allied-healthcare/|publisher=Care Management Matters|accessdate= 11 December 2017}}
In May 2014, Saga Group Ltd was successfully listed on the London Stock Exchange as Saga PLC.{{cite web|title=Saga PLC company summary|url=http://www.londonstockexchange.com/exchange/prices-and-markets/stocks/summary/company-summary.html?fourWayKey=GB00BLT1Y088GBGBXSET3|publisher=London Stock Exchange|accessdate=27 August 2014}}
Also in 2014, Saga acquired Bolton based luxury holiday company, Destinology.{{cite web|url=http://www.travelweekly.co.uk/articles/48998/saga-takes-majority-stake-in-destinology|title=Saga takes majority stake in Destinology|publisher=Travel Weekly|accessdate=22 September 2017}}
In January 2020, Saga appointed Euan Sutherland as CEO of the Saga Group. At the same time, Saga's escorted touring brand Titan Travel was put up for sale, but has subsequently been paused due to the ongoing impact of Coronavirus.{{Cite web|url=https://www.ttgmedia.com/news/news/saga-pauses-titan-travel-sale-due-to-coronavirus--reports-21542|title=Saga pauses Titan Travel sale due to coronavirus – reports|website=TTG}}
=Debt problems=
In 2019 the company issued a profit warning and since then it has struggled to reduce its debt. Part of the strategy has been to sell off assets.{{cite news|last=Goss|first=Louis|title=Saga looks to sell off insurance business to help pay down £721m debt|date=22 January 2023|url=https://www.cityam.com/saga-looks-to-sell-off-insurance-business-to-help-pay-down-721m-debt/|access-date=8 February 2024|archive-url=https://web.archive.org/web/20231003075129/https://www.cityam.com/saga-looks-to-sell-off-insurance-business-to-help-pay-down-721m-debt/|archive-date=3 October 2023}}
In February 2020, Saga sold its motorcycle insurance business, Bennetts, to Atlanta Investment Holdings Ltd, part of the Ardonagh group, for £26 million.{{Cite web|url=https://www.visordown.com/news/industry/saga-sells-bennetts-motorcycle-insurance-%C2%A326m|title=Saga sells Bennetts Motorcycle insurance for £26m|first1=Simon|last1=Hancocks |date=17 February 2020|website=Visordown}}
In March 2020, Saga sold its Patricia White's and Country Cousins domiciliary care agencies to private equity firm Limerston Capital for a reported £14 million now rebranded as Trinity Homecare.{{Cite web|url=https://markets.ft.com/data/announce/detail?dockey=1323-14448631-0JG1SA77IEA3I4EIIMMS4H4VQT|title=Sale of introductory care agencies, Trading Update – Company Announcement - FT.com|website=markets.ft.com}}
In June 2020 Saga Care at Home permanently closed and its assets assigned to another care provider. This marked the end of Saga's involvement in the homecare sector.{{cite web|url=https://corporate.saga.co.uk/media/1516/saga-plc-2021-22-preliminary-results-statement-vf.pdf|title=Preliminary Results 2022|publisher=Saga|access-date=7 February 2024}}
In November 2023, Euan Sutherland resigned as chief executive with immediate effect after serving for four years.{{Cite news|first=Patrick|last= Hosking |date=2023-11-29 |title=Saga chief quits after four years at the helm |newspaper= The Times |language=en |url=https://www.thetimes.com/business-money/article/saga-chief-quits-after-four-years-at-the-helm-bqzfcn2q2 |access-date=2023-11-29 |issn=0140-0460}}{{Cite web |title=Saga chief Euan Sutherland resigns as group explores debt reduction |url=https://www.ft.com/content/66a33a55-3fcd-4756-89f1-bf015202a0d5 |access-date=2023-11-29 |website=www.ft.com|date=28 November 2023 |last1=Smith |first1=Ian }} Sutherland will serve until January 2024. Mike Hazell, the company's finance director, has been appointed as his replacement.
Operations
- Saga Holidays provides package holidays and tours across the globe. It owns and operates the cruise ships {{ship||Spirit of Discovery|2019|2}} and Spirit of Adventure{{efn|Her keel was laid on 3 June 2019 and the ship was delivered on 29 September 2020, but in response to travel restrictions caused by the COVID-19 pandemic, Saga postponed the inaugural cruise till the 26 July 2021.{{Cite news|last=Payne|first=Holly|year=2022|title=Bookings open for Saga Cruises' 2021 UK summer sailings|work=Seatrade Cruise News|url=https://www.seatrade-cruise.com/ports-destinations/bookings-open-saga-cruises-2021-uk-summer-sailings|url-status=live|access-date=5 January 2022|archive-url=https://web.archive.org/web/20210730092614/https://www.seatrade-cruise.com/ports-destinations/bookings-open-saga-cruises-2021-uk-summer-sailings|archive-date=30 July 2021}}}} as well as Titan Travel and luxury holiday company, Destinology.{{Cite web|url=https://www.corporate.saga.co.uk/about-us/our-divisions/travel/|title=Travel|publisher=Saga Corporate|accessdate=5 January 2017}}
- Saga Services provides a wide range of Insurance products, Motor, Home, Travel, Caravan, Pet, Private Medical, Life Insurance, Motorhome.
- Saga Personal Finance provides savings accounts, credit cards, travel money, financial advice, equity release, share dealing, annuities, life assurance & long term care funding advice.
- Saga SOS Personal Alarms.
- Saga also owns direct mail and fulfilment service, Metro Mail.
Magazine
Saga operates a subscription magazine, Saga Magazine, with a circulation of 627,000 and a readership of one million per month; it has been described as the "United Kingdom's biggest selling monthly subscription title".{{cite web|title=Saga magazine gets a new look|url=http://www.wemakemedia.co.uk/blog/Saga-magazine-gets-a-new-look-9/|website=Wemakemedia|accessdate=13 February 2017}} Founded by Paul Bach, under his editorship, it became Britain's biggest selling monthly magazine.{{cite news | url=https://www.telegraph.co.uk/news/obituaries/8830319/Paul-Bach.html | title=Obituaries — Paul Bach | work=The Daily Telegraph | date=16 October 2011 | accessdate=24 October 2011}}
Television campaign
In 2021 Saga launched a new television campaign featuring actor Nicholas Farrell and called Experience is Everything.[https://www.youtube.com/watch?v=VvTGVTmQUDM/ Experience is Everything YouTube video]
Notes
{{notelist}}
References
{{reflist|30em}}
Category:Private providers of NHS services
Category:Seniors' organizations
Category:Travel insurance companies
Category:Companies based in Kent
Category:Financial services companies established in 1951
Category:1951 establishments in England
Category:Old age in the United Kingdom
Category:2014 initial public offerings
Category:Insurance companies of the United Kingdom
Category:British companies established in 1951