Disposal of Allied Healthcare

RNS Number : 5822H

SAGA PLC

01 December 2015

 

Saga plc

Disposal of Allied Healthcare

1 December 2015

Saga plc ("Saga"), the UK's leading provider of products and services primarily tailored for the over 50s, is pleased to announce the sale of Allied Healthcare ("Allied") to Aurelius Group ("Aurelius"), a mid-market, pan-European investor.

Saga will receive total consideration of up to circa £19m. A one-off contribution of circa £10m will be made by Saga to the Allied pension fund, which will transfer as part of the transaction.

As previously announced, Saga fully wrote down the value of its Allied business to zero as at 31 January 2015. Saga now expects to recognise a small net profit on the sale in the current year's accounts.          

Lance Batchelor, Chief Executive Officer, commented:

"Allied remains a market leader in the provision of domiciliary care to local authorities and the NHS. However, as outlined earlier this year, it does not fit with the Saga business model. I am therefore pleased to announce the successful completion of the sale process to Aurelius and I am confident this will be a good home for Allied."

Saga retained Greenhill to act as financial adviser on the transaction.

END

For further information please contact:

Saga plc

Tim McCall, director of corporate affairs                               Tel: [phone]

                                                                                                Email: [e-mail]

Paul Green, director of communications                              Tel: [phone]

Email: [e-mail]

Duncan Browne, investor relations manager      Tel: [phone]

                                                                                                Email: [e-mail]

FTI Consulting

Paul Marriott / Lucinda Kemeny                               Tel: [phone] / 1580

Tom Blackwell                                                                  Tel: [phone]

Email: [e-mail]

[e-mail]

[e-mail]

Notes to editors

Saga is a leading provider of products and services primarily tailored for customers over the age of 50 in the UK. The Saga brand has been carefully developed over the past 60 years to become one of the most recognised and trusted brands among UK consumers aged over 50. Saga is synonymous in the UK with the over 50s market and is recognised for its high quality, award winning products and services. These include cruises and holidays, insurance, personal finance, healthcare and the Saga Magazine.

saga.co.uk

 

END

 

 

DISDMMGZZMMGKZM