Leger Shearings Group’s CEO Liam Race, CFO Andrew Oldfield and CPO Chris Plummer, who acquired a 30% stake in the escorted coach tours company Leger Holidays in a 2019 MBO, have increased their stake in the business and now become majority shareholders.
Ian Henry, who led the company for over 30 years, and Kathleen Henry, previously majority shareholders, have become minority shareholders, with Ian appointed non-executive chairman.
Since the initial MBO in 2019, the Rotherham, South Yorkshire company has more than doubled in size, with Leger Holidays’ acquisition of the assets of former competitor Shearings in 2020 credited with aiding the growth and led to the formation of Leger Shearings Group. In September 2022, Arena Travel was a further acquisition, broadening the product range and its specialist interest brands, crafting holidays specialist, Stitchtopia, and First for Bridge.
CEO Liam Race said: “This is a very exciting time for Leger Shearings Group, which is now the UK’s largest escorted coach tours operator. We made a bold move acquiring the iconic Shearings brand and its assets in lockdown in 2020 after its parent company went into administration, but it has certainly paid off. The business has delivered consistent profit growth since the pandemic, and we are expecting to exceed last year’s record profit year with another record-breaking profit year for 2024.
“We have ambitious revenue targets to grow the business. The recent launch of UK Direct Route Mini Breaks was an instant success. River cruise is another high-growth area, and we will soon be announcing big news on the development of the Shearings’ brand! In addition, since 2019 we have gone on a digital transformation with many technology enhancements, including a recently launched AI platform in the contact centre.
“Our prime focus is, however, the customer and instrumental to our success is customer satisfaction, which ultimately leads to repeat business, of which both our core brands, Leger Holidays and Shearings, have industry high rates. This provides excellent forward visibility of performance; we will turn the year with record forward revenue and over 55% of 2025 sales already secured.
Ian Henry said “Liam, Andy and Chris have been instrumental in the recent growth and transformation of the business. They have led the business through the challenges of the Covid-era, and on through recovery and then impressive growth. They have built a great team of talent around them, and I look forward to supporting them on the next stage of the journey”.
KPMG supported the transaction for legal and tax, and White Hart Associates with Regulatory advice.
Nat West provided an eight-figure multi-million-pound debt facility to fund the transaction. Nat West’s relationship director, Andy Croasdell, said: “Leger Shearings Group is moving forward with exciting plans that will enable the business to achieve future profitable growth. We have a long-standing relationship with the business, working beside a first-class management team who navigated the business through an extremely challenging period during the pandemic. In more recent times, we have delivered significant volume and service expertise to a loyal customer base. We are delighted to support this next phase and will continue to support Liam and his team as they explore new opportunities for business growth.”
