£1b bids roll in for Saga sale

Contributed by admin on Aug 20, 2004 - 11:07 AM

The potential sale of East Kent-based financial services and holiday group Saga has received at least 10 bids exceeding £1bn, it has been reported.

Private equity groups are leading the charge to take over the business, based in Folkestone.

The business, which was founded by Sidney de Haan in 1951, has 9% of the over-50s motor insurance market and covers 5% of their homes.

As well as holidays for the over 50's, Saga runs share dealing services and operates two radio stations. It also publishes a magazine with a circulation of nearly 600,000.

Last year was the group's 12th consecutive one of profits growth. Turnover was £383m.

The proceeds of the Saga sale will go to Roger de Haan and family trusts.