Saga to be split from AA in refinancing deal

Saga to be split from AA in refinancing deal

Acromas, the parent company of Saga and the AA, is likely to be split as part of a refinancing of one of the UK’s biggest private companies.

A Sunday Times report said the company was planning to replace more than £4 billion of high interest loans with a package of cheaper long-term debt.

The refinancing was reported to be at an advanced stage and could be confirmed by the end of the month.

The AA is thought likely to be sold by the group’s three private equity firm owners – Charterhouse, CVC and Permira - leaving Saga to be floated on the stock market.

The company declined to comment on market speculation but said: “We have always said we will refinance our debt in good time. We remain focused on delivering for our customers.”

Acromas saw sales rise by 15% last year to more than £2 billion with profits up to £519 million.

The group’s travel interests include over-50s holidays, cruises and Titan Travel.


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