Specialist Leisure Group (SLG) entered into administration on 22 May 2020. The reason given for the company”s closure was a direct result of COVID-19. Richard Sharman looks at the fallout from the company’s closure exactly seven days on.
Unfortunately, there have been many coach operators that have closed down during this pandemic, but SLG is by far the largest. Across all subsidiary companies, the Group employed 2,460 people and operated a fleet of 250 coaches through its three coach divisions Caledonian Holidays, National Holidays and Shearings.
Private equity firm ownership followed by investment
SLGs recent history involves Lone Star Funds, founded in 1995, the private equity firm is based in Dallas, Texas and currently has a portfolio of 59 companies and has investments in a further 209. The firm seeks to invest in the commercial products, retail, and services sectors. It boasts 16 offices worldwide.
Lone Star Funds purchased Shearings Leisure Group in April 2016 and were quick to look at the acquired group and made its first purchase of Chesterfield-based UKBreakaways.com the same month. Additionally, the group name was changed from Shearings Leisure Group to Specialist Leisure Group in June 2018 due to the growing diversity of the companies now operated.
Modernisation of brands, hotels and vehicles took place in the following years and by 2020 SLG owned the following brands:
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