- Business carried over 100,000 people on escorted cooch tours across the UK and Europe in 2023
- Leger Shearings Group employs more than 200 people
The management team of escorted coach tours company Leger Shearings Group (LSG) have acquired an additional stake in the business following an eight-figure funding deal with NatWest.
The deal sees LSG’s CEO Liam Race, CFO Andy Oldfield and CPO Chris Plummer become majority shareholders of the group which provides escorted coach tours across the UK and Europe. The transaction has enabled the management team to move from their previous minority position as they look to drive the business forward. The additional shareholding was acquired from Ian and Kathleen Henry who will continue to hold a minority shareholding and Ian Henry will serve as non-executive chairman of LSG.
Rotherham-based LSG, which has over 200 employees, provided tours to more than 100,000 customers in 2023.
Since the initial MBO in 2019, which saw management obtain a 30% stake in the business, the company has more than doubled in size, with Leger Holidays’ acquisition of the assets of former competitor Shearings in 2020 credited with aiding the growth. The acquisition led to the formation of Leger Shearings Group. Turnover in 2023 was £83million.
CEO Liam Race, said: “This is a very exciting time for Leger Shearings Group. We made a bold move acquiring the iconic Shearings brand and its assets in lockdown 2020, after its parent company entered administration, but it has certainly paid off. The business has delivered consistent profit growth since the pandemic recovery and we are expecting to exceed last year’s record breaking profit year with another record year for 2024.
“We have a fantastic relationship with the team at NatWest who understand the needs of the business and are committed to helping us reach our strategic goals. Their support has been invaluable over the years.”
Ian Henry, non-executive chairman of Leger Shearings Group, said: “Liam, Andy and Chris have a great vision for the future of the business, and I wish them every success as they move forward.”
Andy Croasdell, Relationship Director NatWest, said: “LSG are moving forward with exciting plans that should enable the business to achieve future profitable growth. We have a long-standing relationship with the business, working beside a first-class management team who navigated the business through an extremely challenging period during the Covid pandemic and, in more recent times, have delivered significant volume and service expertise to a loyal customer base.”
Andrew Gore, Director Credit Delivery at NatWest, added: “We are delighted to support this next phase and will look to continue our support to Liam and his team as they explore new opportunities for business growth.”
The deal was brokered by Whitehart Associates and KPMG for the business. Squire Patton Boggs (Tom Telford and Elysia Watts) provided legal advice to NatWest.
Photo: Left to right - LSG’s CFO Andy Oldfield, CEO Liam Race and CPO Chris Plummer
