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MyTravel in financial trouble

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MyTravel in financial trouble

Old 24th Oct 2002, 09:52
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Question

Sad to say I have no idea! I hope we own them as they are not "core", selling them seems like a good move at the moment.
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Old 24th Oct 2002, 09:52
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Global is Crossland's, 900B is Airtours - the latter not on operating lease but might be mortgaged!

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Old 24th Oct 2002, 09:54
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Wink

LGW vulture

Thanks for that!
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Old 24th Oct 2002, 11:15
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They are just assets, and smell of someone trying to prove that they ARE doing something. They are also irrelevant in the scheme of things.

The Mail reported yesterday, that fund managers think that Crossland must go. 'He's lost it. He has seriously misjudged the situation. There is a complete vacuum of information and competitors are filling it.'

It certainly seems that he has kept quiet since he returned. Most institutions want the senior non-executive, Eric Sanderson, to replace Crossland. With shares dropping again yesterday, and Crossland not giving any information to anyone, he is not doing the company or it's future much good at all. Wonder why that is?
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Old 24th Oct 2002, 11:40
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A4

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One reason that the company is not coming out with all guns blazing is that they are in "closed period" i.e. in between year end and result publication. The company is NOT ALLOWED to make comments on certain items which might be deemed market sensitive.

This must be particularly frustrating when you are constantly being hammered and berrated in the press and your hands are tied as to what you can respond with.

It just a case of wait and see. Continuous rumour and speculation in the press does not help. Ill-informed comment can do huge damage - the company is having a bad time but can recover from this. I'm sure the 27000 staff have got everything crossed at the moment.

A4
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Old 24th Oct 2002, 12:16
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Wink

I think that puts it very well A4.

The company is keeping it's staff as well informed as it can, with almost daily updates. I would not comment in detail on this forum as to the news being passed to us for obvious reasons but the rumour the CAA are about to stop us flying was and is total rubbish!

As for the rest of the rumours, at the moment that is all they are. Wait and see, it may all come right yet.

As for Mr Crossland, he is the best man to save the company, if only because he now has something to prove! Anyone else would be just another employee, his lifes work and reputation are on the line. Very strong motivation to get it right.

After all is said and done, what ever the recent events, he has a proven record in this industry, which is more than can be said for some of the so called experts in the City.
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Old 24th Oct 2002, 12:25
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Whilst walking in my local town ( in Sussex ) this morning, I had a quick look in most of the travel agents - Cook's, Lunn-Poly etc. Most had one or two customers. GoingPlaces (aka MYT ) was empty. Things don't look good even regarding daily cash-flow.
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Old 24th Oct 2002, 14:34
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Of course Willoman, that one shop reflects the whole situation doesn't it!! Tell us something useful next time.
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Old 24th Oct 2002, 14:43
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Come on Wiiloman - a one minute snap shot of how many customers are in your local Going Places is hardly enough to support your statement that cash flow does not look good.

Many pax have no idea which airline they flew on for their last holiday, let alone which tour operator owns which travel agent chain and airline
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Old 24th Oct 2002, 14:57
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I've just walked past Boots the chemist and Christ! It was empty!!! Their cash- flow situation is now grave, anyone know a firm of local administrators???

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Old 24th Oct 2002, 15:13
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Itwasn't one shop - it was several travel shops. All had customers- Going places had none.

Passengers often don't know which airline they are boarding but they do know which agent has sold them the holiday.

Boots can afford occasionally empty shops - they don't owe 1.5 billion.
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Old 24th Oct 2002, 18:06
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At this time of year. Travel Agents are generally quieter. Revenues drop to perhaps 15%-25% of their summer high as mainstream high street agents. You aim to have staff in training. Complete audits etc.

Depending on the agent, you can use a particular airline to promote sales. I have travelled on most charter airlines and we know the good from the bad. I don't think My Travel really has a serious problem. Yes they have a slump and yes they need to look at their products, but what everyone appears to be overlooking is. They will produce a pretty decent profit over the year. They do need to streamline their systems for next year. Overall I think capacity will hold or maybe slightly increase. But more so on getting aircraft to spend longer in the air rather than adding new capacity.

Slan Leat a Chaire.

Jet Set Sid
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Old 24th Oct 2002, 18:37
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Unhappy

All the pontificating to one side, I would just like to say best of luck to you all at MYT, fingers crossed you will all come out of this mess ok.
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Old 24th Oct 2002, 18:38
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Just to be a pedantic sod, willowman, as at end March 2002 Boots owed 1.753 billion.

Still, I take your point.

cur
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Old 24th Oct 2002, 19:19
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Wink

Willowman - You may be right but I have done my own visits (in sussex) to some of our shops. Funny old thing but they say all is fairly normal for the time of year. How many of our passengers know Going Places is owned by MYT? Many of our brands have not even been mentioned in the press, the only advantage to our name change last year seems to be that no one knows who we are.

Anyones guess how this will all end, I guess we will find out in a few weeks.
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Old 25th Oct 2002, 15:29
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market update shares up to 19 pence

First Choice are considering buying MyTravel. There going for a rebrand launch under the name of My Last Travel Choice.

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Old 25th Oct 2002, 16:56
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I have been Skiing through Going Places for the last few years.
I will be going again with them next year.
Great deals, great staff, especially those in the resorts.
LONG MAY IT CONTINUE.
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Old 26th Oct 2002, 22:37
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who's this imposter? (the skier)
what a load of cr4p for the last 7 pages.
tailscrape and kinsman.... maybe meeting for a drink in a
named place would clear the air, to talk football /0\/0\/0\
or someting else?
as for the falcon on a (jolly) and broken, how much would that
raise to impress the city. does the city care?
buy german not british, that'll show them. oh sorry no it won't
it'll just add to the woes.
p.s. thanks for the concern k(l)insman.
not everybody (believe it or not) who works for a travel company
is a pilot.
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Old 27th Oct 2002, 07:48
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Cool

Dadaposh

I would have sent this as a private message, as I did with PSR777, but frankly I feel your post is worthy of a public reply.

I see you are a new member, at least under your current identity! So perhaps you can be forgiven for not reading the small print under the title of this forum. It say's very clearly that this is a forum for Professional Pilots to discuss issues affecting their lives!

Perhaps given this fact you can forgive me for not expressing my deep concern for all the Cabin Crew, Agents, Office Staff, businesses both in UK and abroad who will have to lay staff off or go bust if MYT goes. I had assumed that most who read this forum have indeed seen much of this before and are well aware of the impact a large company folding can have on us all. Yes I am very concerned for the jobs of all those who work for MYT. I did not think that needed stating, certainly to my fellow Professional Pilots.

If Pilots discussing issues affecting thier lives on a pilots forum is a source of tension for you, well don't let the door hit you in the BTM as you leave! Have a nice day.

Last edited by kinsman; 27th Oct 2002 at 08:21.
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Old 27th Oct 2002, 12:35
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Have you always been arrogant kinsman or are you just practising?

You will just have to accept that there is a very large number of people who work at MYT, and each of them is just as concerned about their job as you are. Logically then, they would gather where the clan is, where they feel more comfortable, amongst their own. I doubt whether the PPRuNe masters have a problem with that, so why should you. Being a Professional Pilot is not a matter for them is it? Only those of us who are. It takes a lot of people to run a company. The air drivers only take what others give you take to their destinations - and bring home again. So why don't you just apologise and be nice in these difficult times?

BTW, you should the Mail on Sunday financial supplement there are things in there that will make your arrogance dim.
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