Shearings in to adminstration

[winston]

Specialist Leisure Group Limited and certain subsidiaries* (in Administration) ('the Specialist Leisure Group')

The Specialist Leisure Group entered Administration on 22 May 2020.

More info below:
https://www.shearings.com/

[Pat]

Specialist Leisure Group Limited and certain subsidiaries* (in Administration) ('the Specialist Leisure Group')

The Specialist Leisure Group entered Administration on 22 May 2020.

More info below:
https://www.shearings.com/

Unfortunately, I can see many more coach/tour operators going this way.  As far as I'm aware, there has been no financial support for companies, many of whom have staff furloughed and vehicles sat doing nothing.

[winston]

Unfortunately, I can see many more coach/tour operators going this way.  As far as I'm aware, there has been no financial support for companies, many of whom have staff furloughed and vehicles sat doing nothing.

Mostly likely, and the bulk of their customers are also the most vulnerable, which will be the last to come out of isolation i.e. OAP's

Shearing's article:
https://news.sky.com/story/coronavirus-shearings-collapses-with-loss-of-2500-jobs-11992922

[Pat]

Mostly likely, and the bulk of their customers are also the most vulnerable, which will be the last to come out of isolation i.e. OAP's

Shearing's article:
https://news.sky.com/story/coronavirus-shearings-collapses-with-loss-of-2500-jobs-11992922

Also, this will likely have a knock on effect on the hotel industry - especially in seaside resorts, such as Torquay, where the hotels rely on coach holidays. 

[winston]

Also, this will likely have a knock on effect on the hotel industry - especially in seaside resorts, such as Torquay, where the hotels rely on coach holidays.

Not sure, I think seaside hotels should be ok, as those that would normally holiday abroad will have holiday in the UK this summer

[Pat]

Not sure, I think seaside hotels should be ok, as those that would normally holiday abroad will have holiday in the UK this summer

Possibly, although I expect the prices of holidays in this country to be extortionate which may put people off.

[Tony]

Presumably the assetts will be up for sale by the administrators

[winston]

Possibly, although I expect the prices of holidays in this country to be extortionate which may put people off.

I agree, but as demand will exceed supply & people will be desperate to get away, so they'll get away with it....

[karl724223]

Presumably the assetts will be up for sale by the administrators

would a lot of the coaches be on lease agreements
If yes probably not much assets value left

[Tony]

would a lot of the coaches be on lease agreements
If yes probably not much assets value left

Correct.

There assets are basically their name, which I would be surprised if someone didn't buy to advertise a much smaller 2021 coach holiday programme

[Pat]

Correct.

There assets are basically their name, which I would be surprised if someone didn't buy to advertise a much smaller 2021 coach holiday programme

A well known name would certainly carry quite a bit of value.  I presume that depots etc are all leased?

[andyr]

SLG had been up for sale for many months before the Corona pandemic. All of the fleet is leased and the Bay hotel properties sadly need a vast amount of money invested in them. The National Holiday brand was very much a low cost operation using mainly Britannia hotel properties for there UK tours.
There demise comes as little surprise to the uk coach tour industry, and unfortunately its not the first coach tour operator to call in the administrators and without government assistance it will not be the last.
The UK coach industry (not just coach tour operators ) is in need of urgent assistance.
The demise of SLG has alone as placed 240 coaches on to the market and this will further devalue operators fleets.

[Solo1]

Wouldn't it of been better to sell it off hotels  one owner & shearings.  another  rather than as a whole now more people might be out of a job

[Solo1]

Why did it they sell to usa firm when they are based in England

[Pat]

Why did it they sell to usa firm when they are based in England

Because they would have been the ones interested in a sale.  You don't need to be based in England to own a business here.  Cadbury's for example are owned by the American firm Kraft and have been for some years now.