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(Sharecast News) - Over-50s specialist Saga has reportedly put the sale of holiday business Titan Travel on hold amid the disruption caused by the coronavirus outbreak.
According to Sky News, advisers to Saga have postponed an auction of Titan, which provides escorted holidays to countries such as Egypt, South Africa and the US. A number of private equity firms were preparing offers for Titan, which is estimated to be valued at more than ?100m, it said.
The news came as the Organization for Economic Co-operation and Development said the global economy was facing its biggest threat since the financial crisis and cut its 2020 growth forecasts in the wake of the coronavirus outbreak.
The travel and leisure sector has taken a beating recently amid concerns about the impact of the outbreak, with stocks such as easyJet, British Airways parent IAG, TUI, Premier Inn owner Whitbread and cruise operator Carnival all suffering heavy losses.
At 1310 GMT, the shares were down 2.6% at 31.46p.
3 Dec 2020 14:37
UK EXECUTIVE CHANGE SUMMARY: Long-Serving Premier Miton Chair Retires
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