MyTravel sells third US business for £29.9m


has today announced a further sale of one of its US businesses – World Choice
Travel – for £29.9 million.

disposal is the third to be announced by the cash-strapped travel giant this
week, netting £105.2 million in total.

Choice Travel, based in Florida, is a consolidator and distributor of hotel
rooms and other travel-related products through a network of 1,700 affiliate
companies operating more than 2,300 websites in 42 countries, but focused on
north America.

made an operating profit in the year to September 30, 2002, of £400,000. The
sale will result in an exceptional profit in the year to September 30, 2004, of
£24.7 million.

sale is conditional on MyTravel shareholders’ approval and clearance from
antitrust regulators in the US. It is expected to be completed by mid-November.

announcement follows news the company is selling its US cruise business and
loss-making US operators SunTrips and Vacation Express and represents
MyTravel’s bid to raise cash for working capital for the debt-ridden group.

The date for an extraordinary general meeting for
shareholders to approve the sales has yet to be announced.

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