Ardonagh linked with proposed Saga sale of Bennetts

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Exclusive: Saga is looking to divest its interest in bike broker Bennetts, with Ardonagh touted as one of the potential suitors.

It is understood that Ardonagh sees the broker as a natural fit with its other bike businesses, namely Carole Nash and Autonet.

However sources said there are several other suitors, including Hastings. A management buy-out is claimed to be another option for the business.

Saga acquired the broker from BGL in 2015 for £26.2m as a means of targeting the middle aged biker market.

Bennetts had 200,000 customers at the time of acquisition, and Saga said at the time it was interested in the fact 43% were over 50 years of age.

The company was not listed under subsidiaries of Saga in its 2017 annual report, when it was in the prior year’s report.

Hastings, Ardonagh, Bennetts and Saga declined to comment on the story.

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