Yorkshire Tours group books management deal

Coach tours company Leger Shearings announced a major deal with its own management team thanks to an eight-figure funding deal with NatWest.

Rotherham-based LSG’s chief executive Liam Race, chief finance officer Andy Oldfield and chief product officer Chris Plummer have become majority shareholders of the group which provides escorted coach tours across the UK and Europe.

The additional shareholding was acquired from Ian and Kathleen Henry, who will continue to hold a minority shareholding in the company which employs more than 200 people, and Ian Henry will serve as non-executive chairman as the management team move from their previous minority position.

Since the initial management buy-out in 2019, which saw management obtain a 30 per cent stake in the business, the company has more than doubled in size and provided tours to more than 100,000 customers last year with a turnover of £83 million.

Leger Holidays’ acquisition of the assets of former competitor Shearings in 2020 is credited with aiding the growth when the acquisition led to the formation of Leger Shearings Group.

Chief executive Liam Race said: “This is a very exciting time for Leger Shearings Group. We made a bold move acquiring the iconic Shearings brand and its assets in lockdown 2020, after its parent company entered administration, but it has certainly paid off. 

“The business has delivered consistent profit growth since the pandemic recovery and we are expecting to exceed last year’s record breaking profit year with another record year for 2024.

“We have a fantastic relationship with the team at NatWest who understand the needs of the business and are committed to helping us reach our strategic goals. Their support has been invaluable over the years.”

Ian Henry, non-executive chairman of Leger Shearings Group, said: “Liam, Andy and Chris have a great vision for the future of the business, and I wish them every success as they move forward.”

And Andy Croasdell, NatWest relationship director added: “LSG are moving forward with exciting plans that should enable the business to achieve future profitable growth. 

“We have a long-standing relationship with the business, working beside a first-class management team who navigated the business through an extremely challenging period during the Covid pandemic and, in more recent times, have delivered significant volume and service expertise to a loyal customer base.”

Andrew Gore, director Credit Delivery at NatWest, added: “We are delighted to support this next phase and will look to continue our support to Liam and his team as they explore new opportunities for business growth.”

The deal was brokered by Whitehart Associates and KPMG for the business. Squire Patton Boggs (Tom Telford and Elysia Watts) provided legal advice to NatWest.

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