Massive changes at MyTravel
 

From TravelMole today

Steve Endacott, the recently promoted deputy chief operating officer of MyTravel, has left the company as part of a major shake-up of the UK charter and distribution business.


The restructure will see the operating companies of the UK core business merged into one unit under a single management team led by Kevin McCartern. This will incorporate Airtours Holidays, Going Places, HolidayLine, MyTravelLite, MyTravelAirways UK, Sun Cruises, Hotels Division, White Horse Insurance and eMedia Commercial.


MyTravel’s specialist UK tour operators, Bridge, Cresta, Direct Holidays, Panorama/Manos and Tradewinds, will continue to operate as before, but will now report to MyTravel UK chief executive Duncan Wilson.


Mr Wilson said: “We are simplifying the business so that, over the next twelve months, nine operating companies become one business, led by one management board, with one set of accounts. This will enable us to eliminate an enormous number of internal financial transactions.


“This restructuring is an essential part of MyTravel’s turnaround. I am confident that its successful implementation will continue the good work that has already begun. Our new structure for the UK charter and distribution business will ensure progress accelerates and that we regain our leading position in this industry.”


As part of the changes, Tim Clancy, previously Airtours Holidays deputy managing director, becomes distribution and customer service director. Direct Holidays managing director Rick Green will now also take on the role of UK trading director. Retail distribution managing director Dave Harris becomes change programme director.


Mr Endacott only joined the troubled firm last August, taking on the post of commercial director for the UK charter and retail distribution businesses. When he arrived at MyTravel it was widely believed he could be the person to revive the ailing firm’s fortunes.


eMedia commercial director John Anderson also loses his job as a result of the shake-up.


Meanwhile group finance director Aidan Connolly will lead a project to create one fully integrated finance function from the existing Group and UK core finance structures.


MyTravel shares fell by 3.5p to close at 17p yesterday.

So does that mean I should buy My Travel shares, or steer clear?

How many times has Steve Endacott left the My Travel group now?

It's at least the second time that I know of. He used to work for Airtours a few years ago and recently came back.

It's no wonder the company is in such a big mess, they have a very bad managent team from the top, right the way down!

If you're a brave man, 17p a share has got to be good value; they have been double that in the last few months. Any bit of good news will send that price up, but you'll have to have balls of steel to be into it for anything in excess of three figures.

They may well of been double tha in the past couple of months, but they have also been almost TREBLE less than 17p!!

The financial pages of The Mail on Sunday, give a woeful picture for MYT today. It seems that banks are baling out and writing down debt. The forecast, which I hope is way off, is that MYT will be "bankrupt in a month."

THAT makes sad reading.

Fingers crossed!

I was quite alarmed to read the Mail On Sunday article as well. I thought MYT were recovering .... anyway, hope it is just the usual media scaremongering ... good luck to all at the company.

ES ;)

Come on guy's!
It seems very strange that only the daily moan has bothered to print such an important story,their predictions as far as MYT, Housing market predictions ETC have been well off the mark so far!
Even if MYt pull through, the daily moan will stay silent rather than print positive news.
I wish the press would occasionally back a large BRITISH employer instead of printing inaccurate stories probably fed from a sacked director!! PUDD