Booming coach firm under new ownership

News story
News story

BOOMING Wigan coach and holiday firm Shearings is under new ownership today.

Chief executive Denis Wormwell led a management buy-out and said that this “milestone” event would signal further growth for the business.

The takeover was backed by Lloyds’ commercial banking arm and sees the exit of private equity firm 3i, which originally backed Shearings’ merger with Wallace Arnold nine years ago, and Indigo Capital LLP.

Shearings recently announced it had grown passenger numbers by 2.6 per cent to a record 1.05 million in 2013, generating sales of £195m and profits of £5.8m.

It also said that passenger numbers and sales for 2014 were ahead of the previous year, with total bookings up four per cent and forward sales for the summer up two per cent.

Mr Wormwell said: “This is an important milestone for the group, as we continue our growth strategy.

“Lloyds Bank has been a committed partner of the business for many years. This new transaction demonstrates its continued confidence.

“The Group is hugely appreciative of 3i’s support over the years.”