Saga plc Acquires Destinology Ltd
Saga plc ("Saga" or "the Group"), the UK's leading provider of products and services primarily tailored for the over 50s, today announces the acquisition of a majority shareholding in Destinology Ltd ("Destinology"), an online travel firm specialising in four and five star holidays to the UAE, Far East, Indian Ocean and Europe. The Group will have the option to acquire the remaining shareholding at a later date.
The acquisition will be wholly funded from existing cash resources within the Group's Travel business.
Destinology, a privately-owned business founded in 2004, served 30,000 holidaymakers last year. It employs 110 staff at its Bolton head office. Key senior management will remain with the business.
Lance Batchelor, Group Chief Executive, commented: "Destinology is one of the UK's leading travel businesses with strong expertise in online sales and marketing and award winning service so we are very pleased to have brought the business into the Group.
"It is an excellent fit with our existing travel brands - Saga Holidays, Saga Cruises and Titan Travel - particularly in relation to the demographic it serves, and will enhance our range of travel offers to customers."