Administration fears as Wigan coach holiday firm seeks buyer

Sky News has reported that Specialist Leisure Group (SLG), which owns Shearings, is in advanced talks with several potential buyers.

If the firm becomes insolvent, 2,600 jobs could be at risk.

The report said SLG was working with accountancy firm PricewaterhouseCoopers on efforts to secure a future for the business.

One insider told Sky News that SLG and its controlling shareholder, US-based private equity investor Lone Star Funds, were hopeful of finding a buyer.

A pre-pack administration may be another option, enabling parts of the business to emerge under another owner, they added.

The source told Sky News there had been several "credible" expressions of interest in acquiring SLG.

It has also been looking into using any of the emergency loan schemes established by the government during the coronavirus pandemic.

Most of SLG's workforce has already been furloughed.

A statement from SLG 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.”

Shearings Holidays was founded over a century ago and is the UK's largest escorted tour operator.

Based on Waterside Drive in Wigan, it employs more than 2,600 people and offers more than 170 travel destinations.

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