Shakespeare Martineau Advises Leger Shearings Management Team on £50m+ Full Buy-Out

Our corporate team has advised the Leger Shearings management team on taking full ownership of the UK’s largest escorted coach touring holidays operator. Leger Shearings Group’s chief executive Liam Race and chief financial officer Andrew Oldfield completed a management buy-out valued at more than £50 million, funded by NatWest.

The Rotherham-based group operates escorted coach tours across the UK, Europe and beyond. Its brands include Leger Holidays, Shearings, Stitchtopia and First for Bridge, with the group carrying around 100,000 passengers a year. It has now delivered 20 consecutive months of growth, with sales and forward bookings ahead of any previous year at this stage.

The deal completes a journey that began in 2019, when management acquired an initial 30% stake in the business. Since that original management buy-out, the business has more than doubled in size.

In 2020 the company acquired the Shearings brand and assets, which led to the creation of Leger Shearings Group. The new owners plan to take the Leger brand further upmarket, including with Lumina, the group’s new flagship touring experience. The deal provides a full exit for founder, Ian Henry and his family, and chief product officer, Chris Plummer.

Liam Race, chief executive of Leger Shearings Group, said:

“This is a hugely proud moment for me and Andy, and the natural next step in a journey we started in 2019. The business is in the strongest shape it has ever been, and we have ambitious plans to build on that.”

Corporate partner Dean Chauhan led our team and was supported by solicitor Zain Siddiqui and Chloe Hodges, trainee legal adviser. Banking support was provided by partner David Adams.

Andrew Oldfield, chief financial officer, added:

“Choosing the right legal partner is critical in a deal like this, and having worked with Dean before, we knew we were in safe hands.

This was a complex transaction with a lot of moving parts, and the corporate and banking team at Shakespeare Martineau were able to guide us with practical, commercial advice at every stage, and a real understanding of what we needed to get the deal done.

Dean and his team were always available when we needed them to be. We’re delighted with the outcome and grateful to the whole Shakespeare Martineau team.”

Dean Chauhan said:

“It’s been fantastic to support Liam and Andy again as they take the next step in the growth of Leger Shearings Group. LSG has come a long way since the original management buyout, and the team has ambitious plans for the future. We’re delighted to have played a part in that journey and look forward to seeing what comes next.”

This content is provided for general informational purposes only and does not constitute legal advice. It is not intended to address the circumstances of any individual or entity, nor should it be relied upon as a substitute for specific advice from a qualified solicitor. The information reflects the legal position as at the date specified and may be subject to change. If you require advice on a specific matter, please contact us directly.