Saga’s £150m cash call

SAGA has slashed 1,400 jobs and tapped investors for a £150m lifeline as it tries to keep its head above water amid the travel chaos.

The over-50s travel and insurance specialist said its total employee numbers were down 36pc in the first half of the year as it announced swathes of redundancies – though 500 roles would be brought back when the travel industry resumes again.

Saga swung to a loss of £55.5m for the first six months of the year, from a £52.6m profit the year before. The results came as it confirmed the £150m cash call, £100m of which will be provided by former boss Sir Roger De Haan.