Staff to share in £600m payout
AA chief executive Andrew Strong will move to Saga to help with its flotation plans, The Sunday Times has reported.
Acromas chief executive Andrew Goodsell has confirmed that he intends to float Saga on the stock market.
Goodsell told The Sunday Times: “Saga is likely to float. It depends on the market, but I would say over the next 12 to 24 months.”
Close to 6,000 staff at Saga and the AA will share a payout of up to £600m when the group goes ahead with an expected £3bn float.
Customers will also be offered the chance to buy shares in the listing.
Goodsell said “Having our customers own a stake in the business is important and will form a key part of what we do.”
To date no city advisers have been appointed to handle the sale or the float.
Goodsell said they were getting “hot under the collar” about the developments: “I’ve got all sorts of bankers getting hot under the collar. I am not going to be bounced into something to suit [them].”
Goodsell is set to appoint new chief executives for both the AA and Saga.
He will preside over the eventual sale of the AA before stepping down as its chairman.
At Saga, Goodsell will eventually relinquish his executive duties to become a non-executive chairman.