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Saga, the UK-based holiday specialist, is actively seeking partnerships for its cruise division, aiming to align with a capital-light business model. The British said on Friday, Jan. 26, that it has been considering options for its cruise business and is also considering partnership deals.
Saga's Business Plans for Growth
According to Reuters, Saga said any collaborative arrangement for its Ocean Cruise luxury travel division will be consistent with its scheme of shifting to a capital-light business model. Moreover, the company has been looking for ways to generate revenue from its cruise business, and it may decide to sell its two flagship vessels to do this. The firm may also unload its stake or operations through a licensing deal arrangement.
Saga is known to provide travel services to customers over 50 years old. It is now attempting to change its system to a capital-light model to support the company's further growth. Another reason for the planned shift is to reduce debt while increasing long-term shareholder returns.
Saga's Debt to Settle
It was learned that as of July 31, 2023, Saga has a net debt amounting to £657.4 million or around $833.60 million. Saga stressed that it may sell its Spirit of Adventure and Spirit of Discovery cruise ships to raise funds. This week, the travel firm revealed its plans to explore partnership arrangements through its London Stock Exchange filing.
"Saga is committed to providing best-in-class products and services to its customers across all its businesses," Travel Weekly quoted the company in a statement to the media. "The board is exploring opportunities to optimize Saga's operational and strategic position in cruise, where exceptional demand for its boutique ocean cruise offer means it is operating at close to capacity."
The company added, "It has concluded that a partnership arrangement for ocean cruise would be consistent with group strategy to move to a capital-light business model to support further growth and crystalize value, reduce debt, and enhance long-term returns for shareholders. At this time, no decision has yet been made and there can be no certainty that any partnership agreement will occur."
Photo by: Peter Hansen/Unsplash
