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Cruise & Maritime Voyages

Christian Verhounig, the former chief executive of Cruise & Maritime Voyages (CMV), has acquired some of the assets of the collapsed cruise company, with a view to relaunching it. According to Sky News, he has bought CMV’s customer database and booking systems in a bid to save the popular brand.

Duff & Phelps, the administrator in charge of CMV, has said that this “represents the best value for the companies’ creditors that was achievable in challenging market conditions. It also provides an opportunity for CVI, through its owner Christian Verhounig, to continue to pursue funding opportunities to potentially relaunch CMV’s unique cruise operations to its dedicated customers at some point in the future.”

The deal was expected to be announced on Friday 28th August, but we’ve heard nothing more. We await further developments …

 

Saga

Another former chief executive has also come to the assistance of his former company. Sir Roger de Haan, who sold Saga for £1.35 billion in 2004, will be investing £100 million to shore up the finances of the over-50s travel and insurance group.

Saga has said that de Haan would spend £60.6m buying 20% of Saga shares at 27p per share, almost twice the closing price of 13.61p on 28th August. He will also be investing an additional £39.4 million. Alongside this, Sir Roger would join the board and become non-executive chairman for an expected term of three years.

De Haan’s father Sidney founded the company in 1948. Sir Roger took over the business in 1984 before selling it to private equity firm Charterhouse.

With an older clientele, and offering many cruise holidays, Saga has clearly been badly hit by the pandemic, and presumably anticipates a difficult year or two of low profitability.

 

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