Shearings

02 December 2002

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Bridgepoint Capital has completed a refinancing of Shearings Group, the integrated coach and hotel operator. Bridgepoint originally invested in a Â£83m buyout in 1996, and this deal enables a release of equity. The stake held by Bridgepoint has reduced slightly as a result of the deal, and remains the majority shareholder. The deal includes Â£65m of debt facilities, to assist the purchase of additional hotels for continuing expansion. Fortis Bank originated and structured the debt financing for the transaction, jointly arranged with The Royal Bank of Scotland.

Company

Historically a coach-based company, Shearings has expanded their product range to include hotel breaks, air, cruise and rail, carrying holiday makers to a variety of destinations globally. Based in Wigan, Shearings has a total of 800 permanent staff and 1,600 temporary staff, and a turnover of Â£110m, compared to a total of 2,000 staff and sales of Â£100m at the time of Bridgepointâ€™s original investment in 1996. The company owns and operates 40 hotels in England, Wales and Scotland, in addition to a fleet of coaches.

People

Ruth MacIntosh handled the refinancing on behalf of Bridgepoint Capital, and Gill Dickson coordinated the debt structuring for Fortis Bank. John Slatcher is managing director of Shearings Group.