Saga is a British company focused on serving the needs of those aged 50 and over. It has 2.7 million customers. The company operates from several sites. All are in the United Kingdom, four in Folkestone, Kent at Middelburg Square, Enbrook Park, Cheriton Park and Ross Way; the fifth at the Eurokent Business park in Ramsgate, Kent, and the newest at Priory Square in Hastings, Sussex.
It is listed on the London Stock Exchange and is a constituent of the FTSE 250 Index.
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History
The business was founded by Sidney De Haan in 1959 and was passed to his son Roger De Haan who took over in 1984 after his father's retirement. Saga was acquired by staff (20%) backed by the private equity firm Charterhouse in October 2004. Saga merged with The AA (owned by CVC and Permira) to form Acromas Holdings.
In July 2011, Saga acquired Allied Healthcare. On 31 January 2015, it wrote it down to zero, and then sold it, at a small net profit, to Aurelius Group in December 2015.
In May 2014, it was announced that Lance Batchelor, formerly head of Domino's Pizza, would be taking the role of CEO of the Saga Group ahead of a possible initial public offering (IPO). In May 2014, Saga Group was successfully listed on the London Stock Exchange as Saga PLC.
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Operations
Saga's operations include:
- Saga Holidays provides package holidays and tours across the globe. It owns and operates the cruise ships MS Saga Pearl and MS Saga Sapphire and also owns and operates the Bel Jou Hotel in St Lucia, as well as Titan Travel.
- Saga Services provides a wide range of Insurance products, Motor, Home, Travel, Caravan, Commercial Van, Pet, Private Medical, Life Insurance, Motorhome and legal services.
- Saga Personal Finance provides savings accounts, credit cards, travel money, financial advice, equity release, share dealing, annuities, life assurance & long term care funding advice.
- Saga acquired Bolton based luxury holiday company, Destinology in 2014
- Saga Healthcare, made up of four businesses; Country Cousins, Patricia White's, Saga Care at Home and Saga SOS Personal Alarms.
- Saga also owns direct mail and fulfilment service, Metro Mail.
Magazine
Saga operates a subscription magazine, Saga Magazine, with a circulation of 627,000 and a readership of one million per month; it has been described as the "United Kingdom's biggest selling monthly subscription title". Founded by Paul Bach, under his editorship, it became Britain's biggest selling monthly magazine.
Source of the article : Wikipedia
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