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Last Updated: Wednesday, 26 November, 2003, 18:41 GMT
Saga sale could raise over 1bn
Elderly sunbathers on Margate beach
Saga has more than two million customers
Holidays to insurance company Saga has been put up for sale for a figure that could be in excess of 1bn.

The family run firm, which targets the over-50s, is being sold after chairman Roger De Haan announced his retirement.

The De Haan family has appointed investment bank UBS to advise on the best way forward, which may include a stock market flotation.

Kent-based Saga also has a best-selling magazine, offers health advice, and runs a number of radio stations.

Sale options

Although the company has not put a figure on its value, analysts say it could be worth more than 1bn.

Andrew Goodsell, who is stepping up as deputy manager at Saga, said: "We've looking at everything from an initial public offering (IPO) through venture capital, to a trade sale."

Saga was founded in 1951 as a single hotel in Folkestone.

Today specialising in a wealth of services for the over-50s, it has more than two million UK customers.

It made a pre-tax profit of 48m in the 12 months to 31 January, a 35% increase on the previous year.




SEE ALSO:
Saga creates 750 jobs
07 Nov 01  |  England
Saga Holidays founder dies
18 Feb 02  |  England


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