Shearings coaches going into administration

[westhamman]

In my ignorance I thought Shearings were a coach company, providing coach holidays. The list of hotels they owned are some of the big hotels in our seaside resorts, I presume lots of unemployment until hotel group has been sold. Clearly not of concern to people on here, we don't need hotels, but if these hotels are left for anytime they fall into disrepair bringing down the areas they sit in.

 

[Figaro]

I think they started out as a coach company but have clearly expanded into more areas.
Sad to see them go, they did some good value holidays I believe.

 

[Electraglide]

I expect there will be some smaller coach companies going as well.
A very good and well run one Mum and Dad used a lot.

All Truemans Coaches staff redundant as administrators seek buyer

The well-known Ash Vale firm went into administration at the end of April and the prospects of finding someone to buy it are "uncertain"

www.getsurrey.co.uk

 

[sedge]

Wallace Arnold belongs to them and Caledonian something, so many brand names and logos on the screen I didn't clock them all.

 

[63720]

Very sad, there is a market for this so hope something comes back.

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[Gaston aires]

I never used them, but it’s a shame for people that did. Lots of people losing their jobs is always a bad thing. There’s going to be a lot more where that came from.
Phil

 

[ctc]

Does anyone know who actually owns the group?

 

[Electraglide]

Does anyone know who actually owns the group?

I posted this yesterday

BBC News - Specialist Leisure Group collapses into administration

Specialist Leisure Group collapses into administration

More than 64,000 bookings have been cancelled due to the collapse of Specialist Leisure Group.

www.bbc.co.uk

 

[Langtoftlad]

Does anyone know who actually owns the group?

Lone Star Funds - a private equity firm - bought them in 2016 with the intention of expanding the group and bringing that to the stockmarket...
Suspect swingeing cost cutting and big debt leveraged on their assets has more to do with their collapse than Shearings being a poor business model.

From a quick google - their debt to capital ratio was 118%
[40% is generally considered good, 60% is viewed as risky]

 

[westhamman]

Langtoftlad, has probably hit nail on the head. Why are companies allowed to buy others with money they don't have, they borrow the money, buy the company then put the debt onto the company they brought. The company cant afford the interest payment so debt builds up. They of course couldn't have predicted covid.

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[Silver-Fox]

In my ignorance I thought Shearings were a coach company, providing coach holidays. The list of hotels they owned are some of the big hotels in our seaside resorts, I presume lots of unemployment until hotel group has been sold. Clearly not of concern to people on here, we don't need hotels, but if these hotels are left for anytime they fall into disrepair bringing down the areas they sit in.

Did a fire alarm system in one of their hotels in Newquay a good few years ago.

Think it was 120 odd bedrooms.

Someone else will step in to take over as always happens.

 

[PeteH]

It`s not JUST Shearings. Two guys in our village used to subcontract their coaches at times of high demand, so they are going to feel the pinch too. Most of their "normal" work was Band work all over Europe and Scandinavia. with the likes of "Snow Patrol", and Others. With the Band`s Tours cancelled they are also in a right "Poo Pit". with Buss` costing 1/3mill upward that`s a lot of commitment for a "2 man band".

 

[Nanniemate]

Operators Archives - Page 5 of 521 - routeone

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This is just a snap shot of the industry and troubles they face. Shearings is a well known brand but there are many more struggling, Edwards coaches in Wales (huge independent) immediately stopped their services and have many vehicles parked with staff furloughed they are a major employer in the South Wales area
Sad situation coach travel has been struggling for years as they have lost their market (blue rinse brigade are now NH owners) as people have grown more independent. Another huge independent holiday operator who contracts all their suppliers including coaches/hotels /tour mangers/events and venues notified their contractors and putting simply, 'sorry folks no boats, no planes, we will be in touch when its all over'. We have enough money in the to weather this storm. We're closing for now.

Will they reopen I for one certainly hope so

 

[Wee Bold Davy]

Have travelled Caledonian nationally and to the continent and used Shearings hotel self-drive many times in the past. Good quality companies, sorry to hear of their demise, I'm sure they won't be the last. Looks like our industry may be the only travel one which will come out of this in a reasonable shape

 

[chaser]

We used Wallace Arnold for a year or two when we started going to Europe and really enjoyed the coach trips , went all over France and Italy and were really good value, but the journey out was always good, meeting folks and seeing different places, but the two or three day journey home was really boring and tedious, knowing all that was coming was the end of the holidays.
Sad to see them gone though, and always looked for their coach's when out in the van.

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[Nanniemate]

<Broken link removed>

I was reading this today

westhamman until you have direct dealing in an industry most people have very little knowledge how many are involved or the impact its failure may have I was reading this today and thinking about all the people who will be effected by Shearings failure not just the 2500 direct employees.

 

[Grianan]

Does anyone know who actually owns the group?

Used to be the Beaumont family about 45 years ago! They stayed between Manchester Airport and Wilmslow - daughter was in my class at primary school. My father in law did much of their legal work. They expanded significantly and, I’m guessing that the company changed beyond recognition.