Shearings for sale for £40m

The coach holiday company Shearings has been put up for sale by 3i for an estimated £40m, according to reports yesterday. 3i, the London-listed private equity company which bought the firm from Bridgepoint Capital, last year appointed advisers from Deloitte to find a buyer for the company. But after a deal with a trade buyer failed to materialise, 3i asked PricewaterhouseCoopers (PwC) to find a new private equity investor to back the existing management team in a buy-out from the London-listed group. PwC’s new auction process will begin shortly, sources said.