MY TRAVEL (again)
Terrier
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MY TRAVEL (again)
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.
##
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.
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.
##
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.
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Tailscrape
The Times have run many stories over the last year. The difference between them and the Mail is that the Mail like some on these forums have their own agenda! The Times story is just reporting the facts, the Mail has added a few of it's own and gone out of it's way to make life more difficult for MYT.
Glad to hear it is only £285 million, I was expecting the loss to be much higher!
I know you like to stir things on these forums and that can be fun! But do us all a favour and leave MYT alone they have enough problems and 20000+ worried staff as we approach Christmas! So show a little Christmas spirit.
The Times have run many stories over the last year. The difference between them and the Mail is that the Mail like some on these forums have their own agenda! The Times story is just reporting the facts, the Mail has added a few of it's own and gone out of it's way to make life more difficult for MYT.
Glad to hear it is only £285 million, I was expecting the loss to be much higher!
I know you like to stir things on these forums and that can be fun! But do us all a favour and leave MYT alone they have enough problems and 20000+ worried staff as we approach Christmas! So show a little Christmas spirit.
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Losses of £285m will attract the interest of all the newspapers next week unfortunately, not just the Daily Mail.
Lets hope that it is the turning point for MYT.
Lets hope that it is the turning point for MYT.
Last edited by LIMA OR ALPHA JUNK; 3rd Dec 2003 at 18:52.
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They appear to have survived the EGM on 17/11, when plans were approved for the sale of the cruise booking agency for £65.9m, the online hotel room agency WCT for £29.9m, and the car rental business Auto Europe for £50m. It is understood that this will give them sufficient working capital for the next 12 months.
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What a shame that Airtours as it was known then didn't stick to being a small - medium hoilday Company with its own airline instead of trying to snap everything up insight and being the big 'i am' in the travel industry. Suppose the the bigger they are the harder they fall!!
Cosmos seem to be be riding the travel storms well enough along with Monarch and stayed the same over the years without getting too big!!
Cosmos seem to be be riding the travel storms well enough along with Monarch and stayed the same over the years without getting too big!!
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My Travel into history
I have recently heard that certain flight deck crew members in My Travel have been given the nod to find alternative work...Reason is they expect to close the doors within the next 9 months!!
Anyone out there heard anything else??
Beach Boy
Anyone out there heard anything else??
Beach Boy
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Well I have heard from many people in MyTravel that they will pull through and survive but will gradually reduce to a much smaller company like it was a few years ago.
9 months? doubt it when the problems started it was MyTravel would not be around by the summer of 2003 and then it was going bust in September and after September passed it was November and now we are in December and they are still here and have enough capital to go on for another 12 months.
MyTravel has said it has more non core businesses it can sell of to raise capital but only if it needs to and at the moment it does not need to sell anymore businesses.
Good luck to the folks at MYT.
9 months? doubt it when the problems started it was MyTravel would not be around by the summer of 2003 and then it was going bust in September and after September passed it was November and now we are in December and they are still here and have enough capital to go on for another 12 months.
MyTravel has said it has more non core businesses it can sell of to raise capital but only if it needs to and at the moment it does not need to sell anymore businesses.
Good luck to the folks at MYT.
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Hulk,
The problem is that the money, and specifically things to sell in order to raise money are running out.
If MT are to be smaller, they should bite the bullet now and downsize everything.
However, the banks will not be happy, because in a nutshell a small company will not make a lot of money in the good times. It won't lose a lot either though. But, banks do not work like that... they believe you can make money come rain or shine...
So, radical action is needed I believe because I am not sure if what they are doing now is enough...
The problem is that the money, and specifically things to sell in order to raise money are running out.
If MT are to be smaller, they should bite the bullet now and downsize everything.
However, the banks will not be happy, because in a nutshell a small company will not make a lot of money in the good times. It won't lose a lot either though. But, banks do not work like that... they believe you can make money come rain or shine...
So, radical action is needed I believe because I am not sure if what they are doing now is enough...
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Tailscrape
You reckon you are just 'a feisty terrier'? I've got to say that looking at your various posts to date, you are none other than a very vindictive, over-vocal, nasty and spiteful individual.
You have too much to say on every topic, regardless of any 'sensitivity' that is deserved and seem to relish in anyone else's agony or misfortune. It also seems very obvious who you work for and the self interest that oozes out of your verbal diatrabe (diarrhoe, might be more appropriate) is plain to see.
What the F&&^*k would you know what the banks want?
I'm certain that your 'standing and experience' in this business does not give you the authority for your views to be take seriously.
'Wind it in' sunshine
Happy Christmas, btw.
You reckon you are just 'a feisty terrier'? I've got to say that looking at your various posts to date, you are none other than a very vindictive, over-vocal, nasty and spiteful individual.
You have too much to say on every topic, regardless of any 'sensitivity' that is deserved and seem to relish in anyone else's agony or misfortune. It also seems very obvious who you work for and the self interest that oozes out of your verbal diatrabe (diarrhoe, might be more appropriate) is plain to see.
What the F&&^*k would you know what the banks want?
I'm certain that your 'standing and experience' in this business does not give you the authority for your views to be take seriously.
'Wind it in' sunshine
Happy Christmas, btw.
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Jeez Jack,
Got out of bed the wrong side this morning?
Tail' was just making a comment.
In my opinion an airline like MYT that can't make a profit in the summer has to ask itself some serious questions.
However there are still a few things in the bag that could be sold. They are a global brand and could get rid of some of their overseas affiliations. But after a while there is only so much you can sell and the question has to be asked 'why are they not making a profit?'
Got out of bed the wrong side this morning?
Tail' was just making a comment.
In my opinion an airline like MYT that can't make a profit in the summer has to ask itself some serious questions.
However there are still a few things in the bag that could be sold. They are a global brand and could get rid of some of their overseas affiliations. But after a while there is only so much you can sell and the question has to be asked 'why are they not making a profit?'
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Tailscrape you never learn do you!
Joeyr I don't know who told you we have been given the nod but I can tell you they were talking out of their BTM like one or two others I could mention.
Now I seem to recall the moderators closed the TC thread due to a lack of substantive news! Wonder if they are going to be even handed?
Joeyr I don't know who told you we have been given the nod but I can tell you they were talking out of their BTM like one or two others I could mention.
Now I seem to recall the moderators closed the TC thread due to a lack of substantive news! Wonder if they are going to be even handed?
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Mono, no I didn't get out the wrong side of the bed this morning 
Tailscrape 'always' has a comment to make, trouble is they are always vindictive etc (go read last post again for all the other adjectives).
PPRuNe, imho, would be a better place without his kind of c*&p. If he can't keep a civil tongue in his head, then he should take up another hobby (read, hobby = occupation). He's so bitchy, he would do better the other side of the cockpit door, and meet his 'cummupence'!
Tailscrape 'always' has a comment to make, trouble is they are always vindictive etc (go read last post again for all the other adjectives).
PPRuNe, imho, would be a better place without his kind of c*&p. If he can't keep a civil tongue in his head, then he should take up another hobby (read, hobby = occupation). He's so bitchy, he would do better the other side of the cockpit door, and meet his 'cummupence'!
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jack the lad
Unlike you, who may not have any education at all, I spent several years working IN THE CITY." so what you say?"
Well, I spent a good deal of that time as a proprietary trader for a few LARGE BANKS (some of whom may have interests in MYT).
In addition, I also used to trade the AIRTOURS shares in my book on a daily basis.... so, I think I am possibly entitled to comment fairly. Do you?
My comment was not vindictive or ambiguous.
I posted an article that appeared in a NEWSPAPER. Hence, I pasted it here.
IT IS Rumours and NEWS..... you really should get a grip.
As for other comments? Who cares? We are talking about this now.
I wish the guys the best, and hope it works out for them, but I still have doubts that it will. Wanna say any more?
Jack, how are opinions suppressed where you work? It is Aeroflot isn't it? Or maybe you have moved to North Korea recently???
I do hope that you can remove your totalitarian brain from up your fundament before you address me next time "sunshine".
"Wind it in" please.
Unlike you, who may not have any education at all, I spent several years working IN THE CITY." so what you say?"
Well, I spent a good deal of that time as a proprietary trader for a few LARGE BANKS (some of whom may have interests in MYT).
In addition, I also used to trade the AIRTOURS shares in my book on a daily basis.... so, I think I am possibly entitled to comment fairly. Do you?
My comment was not vindictive or ambiguous.
I posted an article that appeared in a NEWSPAPER. Hence, I pasted it here.
IT IS Rumours and NEWS..... you really should get a grip.
As for other comments? Who cares? We are talking about this now.
I wish the guys the best, and hope it works out for them, but I still have doubts that it will. Wanna say any more?
Jack, how are opinions suppressed where you work? It is Aeroflot isn't it? Or maybe you have moved to North Korea recently???
I do hope that you can remove your totalitarian brain from up your fundament before you address me next time "sunshine".
"Wind it in" please.
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jack
The problem is here IMHO, that when I posted a sensible ARTICLE from a newspaper, you were the first one to be uncivil.
My comments have been echoed by others, yet you choose to annihilate me. Wonder why?
True, my past comments have been a bit of a "wind up" at times. However, this thread has actuallty been degraded by you to the extent that it is just a slanging match now.
I have repeatedly stated that I wish individuals the best, and believe me I know that many people are affected. No one wants that.
Undeniably a collapse of MT would be a disaster. Not just for the individuals concerned, but also the UK pilot force as a whole.
I am afraid that if you really do not like my comments then I cannot help you. Everyone has the right of comment and reply.
So, why don't you consider the comments you made, and revisit my first two posts on the subject. I think you will find no malice there.
Also consider the fact that whatever is posted on the hallowed halls will not change whatever results MT put out to the city whenever they are due.
The problems MT face are going to be made public again in the very near future. Do you think I will be the only one to comment then?
I hope you enjoyed your dinner.
Yours,
"sunshine"
The problem is here IMHO, that when I posted a sensible ARTICLE from a newspaper, you were the first one to be uncivil.
My comments have been echoed by others, yet you choose to annihilate me. Wonder why?
True, my past comments have been a bit of a "wind up" at times. However, this thread has actuallty been degraded by you to the extent that it is just a slanging match now.
I have repeatedly stated that I wish individuals the best, and believe me I know that many people are affected. No one wants that.
Undeniably a collapse of MT would be a disaster. Not just for the individuals concerned, but also the UK pilot force as a whole.
I am afraid that if you really do not like my comments then I cannot help you. Everyone has the right of comment and reply.
So, why don't you consider the comments you made, and revisit my first two posts on the subject. I think you will find no malice there.
Also consider the fact that whatever is posted on the hallowed halls will not change whatever results MT put out to the city whenever they are due.
The problems MT face are going to be made public again in the very near future. Do you think I will be the only one to comment then?
I hope you enjoyed your dinner.
Yours,
"sunshine"