Saga reviewing potential debt-reduction options — report

Over-50s financial services and travel company Saga is said to have brought in advisers to brainstorm ways to strengthen its balance sheet, which could resuming the potential sale process for its insurance underwriting arm.

According to Sky News, which cited "city sources", Lazard has reviewed Saga's debt refinancing in recent days, and a number of restructuring options are under consideration.

The discussions come ahead of a £150m bond repayment by Saga due in May 2024.

In September at the time of Saga's interim results, the board confirmed it had paused the sale of its underwriting business, saying "there is potential to generate greater value once market conditions improve".

"We will, however, continue to evaluate our options as the landscape evolves," the company had said.

By the half-year stage at 31 July, the company had net debt of £657.4m.