Over-50s group Saga snaps up Destinology to widen its holiday horizons

By Daily Mail Reporter

Updated: 17:25 EDT, 13 August 2014

Over-50s group Saga is extending its reach to the ranks of affluent young honeymooners, after snapping up luxury holiday group Destinology.

Saga will pay around £20million up front for 75 per cent of the business, with an option to buy the rest of it at a price that will depend on performance.

Destinology’s 30,000-strong customer base also tends to be older because of the cost of its upmarket breaks, but it also targets younger holidaymakers, specialising in four and five-star breaks in the Middle East and Asia and also offers weddings and honeymoons abroad.

Expansion: Saga has bought luxury holiday group Destinology

Saga already takes some 194,000 people abroad each year on holidays such as its well-known cruises. But it hopes to use its database of 10m people to channel some of its customers towards Destinology’s more high-end holidays.

Destinology employs some 110 people at its Bolton head office but Saga did not say how many were likely to keep their jobs.

The deal is Saga’s first since it floated on the stock market earlier this year at 185p.

Its shares closed at 183.25p yesterday, up 0.25p.