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Folkestone based company Saga confirms it will float on the London Stock Exchange

By Matt Leclere

Bosses at Folkestone based Saga this morning confirmed the company will be floated on the London Stock Exchange later this year.

It ends months of suggestions that the over-50s holiday company intended to do so.

The move is expected make £3bn for owners Acromas, which also owns the AA.

Saga's headquarters in Folkestone
Saga's headquarters in Folkestone

The company says it is intending to offer shares "in order to raise further consumer and investor awareness of Saga and to provide the company with a capital structure to support its continued growth and development".

It anticipates the first dividend payouts will come in June 2015 with around 25% of the company being free floated.

The minimum stake shareholders will be able to buy in the company is £1,000.

Saga is based in Folkestone
Saga is based in Folkestone

Customers can become shareholders and letters have been sent out to policy holders and personal finance customers since January 5, 2013; anyone who has booked a holiday since January 5, 2011; subscribers to Saga Magazine since January 5 last year and Saga private healthcare customers since last January 5.

Employees are also being offered the chance to buy shares.

Chief executive Andrew Goodsell said: "What began 60 years ago in a small hotel in Folkestone is today one of Britain’s most trusted and respected companies. This is in huge part due to the hard work and dedication of our employees.

Saga chairman Andrew Goodsell has announced he is stepping down
Saga chairman Andrew Goodsell has announced he is stepping down

"Our customers are at the heart of our brand and I am delighted that they will have an opportunity to become shareholders in the company and to be part of the next stage of our journey."

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