First Choice will not be rushed into sale
First Choice managing director Dermot Blastland has warned it will not be rushed into making a decision about whether to accept any offer from MyTravel for its mainstream tour operating business.
The Crawley-based operator makes around 50% of its profits from specialist businesses and it is an open secret that it would consider offloading its mainstream sector if it received a suitable offer.
Margins in that area of its business are tight and all operators offering short haul packages suffered this summer.
Both MyTravel and First Choice have confirmed an approach from the Manchester operator, but Blastland, m-d of the mainstream holidays division, said: “We have said that they’ve made an approach. That’s very interesting and we will make up our minds when we are ready.
“We’re evaluating the situation and will do what is best for our shareholders.”
Blastland said he was unhappy the story had been leaked.
“MyTravel has had a tough year because it has been tough for everyone. Perhaps they need to say something about what they are doing about the situation,” he said.
“But we are not here to fix anyone else’s problem. We are here to do what is best for First Choice and that is what we will do.”
TUI sales director Derek Jones refused to comment on the talks, but admitted that consolidation in the mainstream market would be welcome after a year of overcapacity and falling margins, largely due to more people buying no-frills flights and accommodation separately.
“It’s no secret that 2006 has been a challenging year for the travel industry. It would be wrong for me to say that consolidation would not be welcome,” said Jones.
By Jeremy Skidmore (www.jeremyskidmore.com)
Jeremy Skidmore
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