Sale of Bennetts Motorcycling Services Limited

RNS Number : 1285D

SAGA PLC

17 February 2020

 

17 February 2020

Saga plc ("Saga")

Sale of Bennetts Motorcycling Services Limited ("Bennetts")

Saga, the UK's specialist in products and services for life after 50, announces it has reached agreement for the sale of Bennetts, an insurance broker for motorcycles, for an enterprise value of £26m to Atlanta Investment Holdings C Limited ("Atlanta").  Atlanta is part of The Ardonagh Group, one of the largest independent insurance brokers in the UK.  Completion is subject to receiving regulatory approval and other closing conditions.

Saga were advised by Fenchurch Advisory Partners in connection with the transaction.

Euan Sutherland, Group Chief Executive Officer, said:

"As Saga seeks to focus on our core branded business, I am pleased to announce we have agreed the sale of Bennetts. This is a good outcome for Saga shareholders and Bennetts customers who will find a good home in The Ardonagh Group."

ENDS

For further information please contact:

Saga plc Mark Watkins, Director of Investor Relations	Tel: [phone] Email: [e-mail]
Headland Susanna Voyle Henry Wallers	Tel: [phone] Email: [e-mail]

Notes to editors

About Saga

Saga is a specialist in the provision of products and services for life after 50. The Saga brand is one of the most recognised and trusted brands in the UK and is known for its high level of customer service and its high quality, award winning products and services including cruises and holidays, insurance, personal finance and publishing. www.saga.co.uk

 

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