Saga Group UK has confirmed that it is exploring forming a "partnership arrangement" for its ocean cruise division.
The travel and insurance group, catering to the over-50s demographic, issued a statement to the London Stock Exchange in response to a report suggesting that its two ocean ships - Spirit of Adventure and Spirit of Discovery, might be utilized to raise funds.
The group is reportedly investigating avenues to unlock capital from its ocean cruise segment, potentially involving the sale of vessels or the entire business through a licensing agreement.
Saga is said to be collaborating with advisors to evaluate various options, including the potential sale of a stake in the division.
In a statement, the group said Saga was "committed to providing best-in-class products and services to its customers across all its businesses."
“The board is exploring opportunities to optimise Saga’s operational and strategic position in cruise, where exceptional demand for its boutique ocean cruise offer means it is operating at close to capacity.
“It has concluded that a partnership arrangement for ocean cruise would be consistent with group strategy to move to a capital-light business model to support further growth and crystalise value, reduce debt and enhance long-term returns for shareholders.
“No decision has yet been made and there can be no certainty that any partnership agreement will occur.
“A further announcement will be made in due course, as appropriate.”