News

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

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

World 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.

WCT 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.

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

The 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.