MyTravel finance director to quit

DAVID Jardine, finance director of MyTravel, is set to quit. He could leave as early as Tuesday, when the troubled tour operator presents its results to City analysts.

Jardine has lost the confidence of investors and analysts after presiding over three profit warnings this year and the discovery of an estimated £65m black hole that has brought the company, formerly known as Airtours, to the brink of collapse.

While it is unclear whether MyTravel has a replacement lined up, the company's immediate financial future appears to have been secured after its auditors, Deloitte & Touche, agreed to sign off the accounts on a going concern basis after a thorough review.

'They will be the cleanest set of accounts in Christendom,' said a MyTravel source.

A clean bill of health by Deloitte & Touche clears the way for banks to agree an extension to a £250m loan that was due to expire in March.

Nevertheless, results for the year to October are likely to make grim reading. Profits of £81m in 2001 are likely to have all but disappeared. Accounts stretching back several years may be restated.

MyTravel is also expected to give an update on disposals. A number of venture capital groups and trade buyers have expressed interest in Cresta and Bridge, two of its profitable brands.

Jardine, once a partner at MyTravel's previous auditor Arthur Andersen, is closely associated with the tour group's aggressive accounting policies.

He offered to quit in October when Deloitte & Touche insisted on adopting more conservative treatment for travel insurance revenues. The issue was a major factor in chief executive Tim Byrne's subsequent departure.