Newspaper article The Journal (Newcastle, England)

Shearings and CHG Decide to Take the Same Road

Newspaper article The Journal (Newcastle, England)

Shearings and CHG Decide to Take the Same Road

Article excerpt

Tour bus operators Shearings and Coach Holiday Group are preparing to merge in a pounds 200m deal.

The agreement will create one of the biggest coach companies in Europe with annual sales of pounds 216m and operating profits of pounds 14m, plus a 14pc share of Britain's pounds 2.1bn annual coach holidays market.

John Slatcher, managing director of Shearings, said: "This will be a transforming step for both Shearings and CHG and we believe this merger presents an exciting opportunity for employees, customers, partners and shareholders.

"The combination of the two businesses, with their strong brand awareness and discerning customer base, will significantly enhance our holiday offering, providing customers with greater choice and convenience."

Venture capital group 3i is a major shareholder in CHG, which includes the Wallace Arnold, National Holidays and Caledonian Travel brands. The firm will hold a 67.8pc stake in the enlarged company. …

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