2014–present: Modernisation
In 2014, Saga's parent company, Saga Group, went public via an initial public offering on the London Stock Exchange.[10]
In 2015, Saga announced it had signed a memorandum of agreement for its first-ever new-build from Meyer Werft for a 2019 delivery, with an additional option for a sister ship expected in 2021.[11][12] Named Spirit of Discovery, the new ship would measure, becoming the largest ship ever to be operated by Saga.[13] In explaining how Saga intended to modernise the brand, Saga's new-build director, David Pickett, explained that after Saga went public in 2014, the company had expanded access to capital investment, opening up more possibilities to invest in its fleet.[14] The new ship had allowed Saga to expand its offerings not featured before on its older vessels, such as fitness facilities, a large theatre, and specialty dining venues.[14] Saga also partnered with Siemens to install their ships' propulsion and power distribution systems for the two vessels in order to maximise the ships' efficiency and ensure their reliability.[14]
In July 2017, Saga announced it would retire Saga Pearl II in mid-2019 with a 54-night farewell cruise to South Africa from Portsmouth.[15] The following year, Saga revealed plans to retire Saga Sapphire by 2020, with a farewell cruise to Norway.[16] In May 2019, it was reported Saga Pearl II had been sold to Aqua Explorer Holdings of the British Virgin Islands, and the ship would be moved to Perama as a result of the sale.[17] In August 2019, Turkey-based ANEX Tour had reportedly purchased Saga Sapphire for its first ship to launch its cruise business, with a scheduled debut in mid-2020 from Antalya.[18] In April 2020, Saga's managing director Nigel Banks said Saga's plans to transfer Saga Sapphire to ANEX Tour may be postponed due to the COVID-19 pandemic,[19] but on 18 June 2020, the sale was completed and it was announced the ship would debut for ANEX Tour in 2021 as Blue Sapphire.[20]
With the exits of Saga Pearl II and Saga Sapphire, Saga completed its fleet renewal program and hoped to usher in a new era for the company, with the cruise line's first new-build delivered on 24 June 2019.[16][21] But while in anticipation of her delivery, in April 2019, Saga reported it was still encountering significant financial difficulties, with its shares hitting a record low in light of lower profits.[22] Saga blamed its losses on Brexit and the fears surrounding economic uncertainty for driving bookings and commitments to holidays down for the brand.[22] The retirement of Saga Pearl II, combined with the increase in marketing expenditure for the brand's new ship, was also credited for Saga's declining revenue through late-2019.[23] With the new ships joining the fleet, Saga had aimed to make £40 million in profit per ship per year and intended to strengthen its focus on its cruising and tour businesses.[23] In November 2019, in hopes of capitalizing on the launch of Spirit of Discovery, Saga announced it had ordered a new riverboat
In January 2020, despite losing £4 million following the collapse of Thomas Cook Group in the second half of 2019, Saga Group claimed Spirit of Discovery played a large role in driving part of the company's success and expected the ship to make more than £20 million in her next six months of operation.[28] Later, in April 2020, amidst the COVID-19 pandemic, Saga noted that, despite a possibility of increasing cancellations, chief executive Euan Sutherland explained Saga was positioned well to weather the economic crisis arising from the pandemic, citing strong forward bookings and available credit facilities.[29][30] But in June 2020, the pandemic led Saga to announce that the debut of its second new-build, named Spirit of Adventure, would be postponed by several months due to construction delays at Meyer Werft caused by the pandemic.[31][32] Later that month, Saga introduced COVID-19 treatment and repatriation to the travel insurance plans it offers to its cruise guests.[33]
