Mature market holidays firm files NOI


Mature market holidays firm files NOI

The coronavirus pandemic is having a massive impact on sectors outside of retailing. Further proof of this comes as the coach holiday specialist Shearings has filed a Notice of Intention (NOI) to appoint administrators. A heavy off-the-page press advertiser and direct mail user, it would ordinarily have been enjoying one of its busiest periods of the year, taking thousands of mature customers away for traditional hotel based seaside holidays, instead, its coaches lay idle. Other businesses within the Specialist Leisure Group (SLG) which is owned by Lone Star Funds include UKBreakaways, Sportingbreaks, and Caledonian Travel.

With 2600 staff, most of which are furloughed, Shearings is scrambling to find commercial support and reportedly has EY lined up to handle its insolvency process in case new financial backing proves impossible to find.

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