Saga raises £150m from shareholders to stay afloat

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By Aidan Gregory
05 Oct 2020

Saga, the cruise line operator and provider of retirement services to the elderly, has finished a multi-leg £150m ($193m) recapitalisation intended to repair its balance sheet following a collapse in bookings owing to the Covid-19 pandemic.

The firm placing and open offer was led by Sir Roger De Haan, the son of Saga’s founder, who committed to invest up to £100m. Final allocations were approved by Saga’s shareholders at an extraordinary general meeting at the end of last week.

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