Reports Wigan coach holiday firm has started administration process
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Sky News has reported that Specialist Leisure Group (SLG) has filed a notice of intention to appoint administrators to a number of subsidiaries, including Shearings.
Sources told Sky News that accountancy firm EY had been lined up to handle the insolvency process, which gives 10 days of breathing space in which to find new backers.
Last week it was reported that PricewaterhouseCoopers had been working with SLG and its shareholder, the US-based private equity firm Lone Star, on efforts to secure a rescue deal.
They were said to have been in advanced talks with several potential buyers at that time.
If the firm becomes insolvent, 2,600 jobs could be at risk.
Shearings has been badly affected by the coronavirus pandemic and many of its staff have already been placed on furlough.
A statement from SLG last week said: “The travel industry has been severely affected by the impact of Covid-19 and the inability to operate any holidays on government instruction.
“Specialist Leisure Group is actively in dialogue with its stakeholders, advisers and the Government regarding its options, which include the sourcing of the necessary financial support to enable the company to weather the storm of Covid-19.”
Meanwhile, more than 7,200 people have signed a petition calling on the government to help Shearings.
It states: "The government need to help this company and the travel industry. Shearings have been operating for 100 years and are now in danger of going under due to Covid19. I always travel with them, the staff are friendly, knowledgeable and courteous. And funny! I have met some lovely people and we are like a huge family. Please help them and the rest of the travel industry."
Based on Waterside Drive in Wigan, Shearings was founded more than a century ago and offers more than 170 travel destinations.
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