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MyTravel offloads German business

MYTRAVEL
has sold off its loss-making German business and two smaller tour operators in
Poland.

Frosch
Touristik GmbH (FTi) is the fifth largest tour operator in Germany but also
operates in Austria and Switzerland. It has been sold to RM3366, a
privately-owned German company, for a nominal consideration.

In
Poland, Ving Sp z o.o and Itaka Sp z o.o. have been sold to a consortium,
including members of the management team. 
There was no material cash consideration for the sale.

The
disposals will result in an exceptional loss for MyTravel in the year to
September 30, 2003, of £86 million.

MyTravel
added that the Civil Aviation Authority had also confirmed it was renewing the
company’s ATOL, valid from today, October 1.

 

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