Landround sheds directors amid losses
Travel promotions firm Landround has shed senior managers after warning of trading losses of £400,000 in the first four months of the fianncial year.
Chief executive David Lyne has resigned and two other directors – commercial director Tony Short and sales director Tina Mills – are also leaving.
The Chester-based operator of the Buy and Fly rewards programme said in a trading statement that the board had taken action to cut costs in line with revised projected income.
Chairman David Owen said: “While prospects within the UK and especially Europe remain strong, prudence dictates a reducation in both costs and employee numbers.
“This action will reduce annual expenditure by approximately £1 million with a cost to the group of circa £250,000.”
He added: “This action, though regrettable, will place the group on a firm footing both for profitable current operations and future growth.
“With its restructured cost-base, Landround has a sound business model, a strong position in the UK and an excellent opportunity to develop its offerings in other European markets.”
Last month, AIM-listed Landround reported pre-tax losses of £2.1 million in the 16 months to January 31, 2006.
The company in its annual report blamed difficult trading conditions and the liquidation of a major customer resulting the the loss of “substantial” contracted sales.
Report by Phil Davies
Phil Davies
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