In this week's SUNDAY TIMES business section, a rather nasty piece of reading.:MyTravel to axe seventh director
by Dominic O’Connell
BELEAGUERED holiday company MyTravel is to wield the boardroom axe again with the departure of Duncan Wilson, its UK chief executive.
Wilson’s resignation is to be announced with the full-year results, which are expected in the next 10 days. Wilson will be the seventh director to leave in the past 12 months.
Wilson has paid the price for a disastrous year’s trading. The company this month issued a shock profit warning, saying it had made a loss during the summer months — traditionally the most lucrative part of the year for British tour firms. The company said it had been forced to discount unsold holidays, resulting in “lower margins than expected in the UK tour operating businesses”.
Analysts expect MyTravel to report a loss of about £285m for the full year, nearly double previous estimates. Last night the company refused to comment on Wilson’s departure.
MyTravel’s woes go back to last year, when it issued a string of profit warnings and uncovered a £50m black hole in its accounts.
It has since lost David Crossland, chairman and founder, Tim Byrne, chief executive, David Jardine, finance director, Richard Carrick, global development director, Mike Lee, aviation director, and Kazia Kantor, finance director.
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So, there we go. Proof if needs be that it is not just the MAIL group of newspapers that report on MY TRAVEL.
I only say this, because they have got a lot of flak for it in the past.
Perhaps this Dominic Connell reporter blokey used to be a MAIL trainee?
edited because I forgot to say which paper... sorry chaps.