Travel firm 'in growth gear' with £22 million boost

A travel firm says it is poised to drive towards new growth pastures after securing £22 million backing to complete a management buyout.

Leger Shearings Group has been taken over by chief executive Liam Race and chief financial officer Andy Oldfield.

The duo say the move will build on the “strongest shape the business has ever been in” amid 20 consecutive months of growth and best-ever forward bookings.

They add the financial boost will “position the business for its next phase under the leadership team that has helped drive its growth in recent years”.

The buyout at the Rotherham-based coach holiday, river cruise, rail journey and tour firm has been backed by NatWest, with former shareholders Ian Henry, Kathleen Henry and Chris Plummer exiting the business.

Known for brands including Leger Holidays, Shearings and the recently-unveiled luxury coach venture Lumina, the 1981-founded business employs about 180 staff and boasts annual revenues of more than £90 million.

Chief executive Liam said: “This is a hugely proud moment for Andy and I.

“Ian built something remarkable over more than 30 years, and taking full ownership of Leger Shearings Group is both a privilege and a responsibility we don’t take lightly.

“Ian and Chris have been instrumental in everything we have achieved. Ian leaves an extraordinary legacy, and we wish Chris a long and happy retirement.

“We are proud to carry the business into its next chapter.”

The financial agreement follows previous support from NatWest to the travel operator.

Andrew Croasdell, NatWest relationship director, added: “We’ve worked alongside Leger Shearings Group through several significant milestones in its journey and have seen first-hand the ambition and capability of Liam, Andy and the wider team.

“This latest transaction is the culmination of a long-term succession plan and reflects the confidence we have in the business, its leadership and its future growth prospects.”

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