Saga has confirmed it’s at a sophisticated stage in discussions over a potential £150 million fairness capital elevate.
The corporate mentioned funds could possibly be used to strengthen its steadiness sheet, enhance liquidity and help the execution of its reinvigorated technique below its strengthened administration crew.
It’s hoped the plans might transfer ahead later this month.
Beneath the phrases of the deal, former proprietor Roger De Haan intends to take a position as much as £100 million within the journey and insurance coverage group.
Alongside any funding, De Haan would be a part of the board and turn into non-executive chairman, taking on from Patrick O’Sullivan.
De Haan, who owned Saga previous to the sale of the corporate to non-public fairness group Charterhouse in 2004, was additionally chief government for 20 years.
The present board of Saga launched an announcement unanimously supporting the proposed fairness elevate.