A trio of executives at Leger Shearings Group have increased their stake in the business to become majority shareholders.
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 management buyout (MBO), completed a transaction which was funded by an eight-figure multi-million-pound debt facility, which was arranged by NatWest.
Ian Henry, who led the company for more than 30 years, and Kathleen Henry, who were both previously majority shareholders now become minority.
Mr Henry has been appointed non-executive chairman of the Rotherham-based business.
Since the MBO in 2019, which was followed a year later by Leger Holidays’ acquisition of competitor Shearings, the business has doubled in size.
Arena Travel was a further acquisition in 2022.
Leger Shearing expects to surpass last year’s record profits in 2024 and the business expects further growth after this latest move.
Mr Race says: “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 2020, after its parent company went into administration, but it has certainly paid off.”
He adds: “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.”
Mr Henry adds: “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.”
