22nd May 2020
Specialist Leisure Group falls into administration, with the impact of Covid-19 to blame.
More than 64,000 bookings have been cancelled and 2,500 jobs lost.
The group had five companies; Shearings Holidays, Wallace Arnold Travel, UK Breakaways, Bay Hotels and Country Hotels (Shearings Hotels) and Caldeonian Travel and Travel Style (National Holidays).
Wallace Arnold Travel acted as an agent for suppliers and so ABTA have said these bookings will continue as normal, except when bookings were made with other companies within the Specialist Leisure Group.
All package holidays are financially protected so customers who have booked will receive a full refund.
Coach packages are protected by the Confederation of Passenger Transport.
24th April 2020
The owner of Shearings, the coach holidays provider for over-50s, has filed a notice of intention to appoint administrators to a number of its subsidaries. Insolvency practicioners have been put on standby whilst the company searches and awaits a rescue deal, and not let it be the next corporate casualty of COVID-19.
Specialist Leisure Group, the parent company, and a number of its other divisions are not subject to the notice of intention.
PricewaterhouseCoopers (PwC) have been working with the company to assess options and secure a future. Accountancy firm, EY have been lined up to handle the insolvency process.
A failure to find a buyer could threaten as much as 2,600 jobs in the leisure industry. Most of SLGs workforce has been furloughed under the government scheme and all operations have been shut now for a month.
A solvent sale may not to be possible. If this is the case, other options include a pre-pack administration which would enable parts of its business to emerge under another owner.
The business dates back 100 years, celebrating its centenary last year. It was set up by Herbert Shearing and is now one of the most prominent coach tour operators in the UK, serving over 170 destinations across UK and Europe.
A statement from SLG said: ‘’The travel industry has been severely affected by the impact of COVID-19 and the inability to operate any holidays on government instruction.’’
‘’Specialist Leisure Group is actively in dialogues with its stakeholders, advisors and the government regarding its options, which include the sourcing of necessary financial support to enable the company to weather the storm of COVID-19.’’