THE future of Saga, the Folkestone-based holiday and financial services provider for the over-fifties, is still uncertain as the De Haan family ponders how best to capitalise on its sale.

The company declined to comment on reports it had set an August 19 deadline for bids.

It is operating a dual track process whereby the company will either be sold to a trade buyer or via a stock market flotation. "We will make a decision as to which path we want to take at the 11th hour," said a spokeswoman.

Saga customers have already been asked whether they would like to buy shares in the company if there were an initial public offering (IPO).

A flyer was inserted in a recent issue of Saga Magazine asking for subscribers' response. "It's just gauging interest," the spokeswoman said.

She said that Roger De Haan, the company chairman who has already announced his intention to retire, was working out the best way to capitalise on his family's investment. It hopes to achieve around one billion pounds from the sale.

Meanwhile, Robert Walker, the retiring chief executive of Severn Trent Water, is expected to take over as chairman when the sale goes through.

He has just been appointed chairman-designate. "I feel that the flotation or sale of Saga will mark the natural point for me to hand over to a new chairman," Mr De Haan said in a statement.

A number of investment companies have signalled their interest in the company, including the US-based Blackstone Group.

Mr de Haan has worked for the over-50s business, founded by his late father Sidney in 1951, since he was 17.

Roger's brother Peter has pursued interests in wine sales and direct marketing and the two were ranked 147th in the Sunday Times 2003 rich list, with a fortune estimated at £232m.

A recent list of Britain's top earners last year showed Mr De Haan in 225th spot, earning an estimated £2.2m and a further £1.5m in dividends.