Ryanair director Mr Tim Jeans has been appointed as Managing Director of a
UK-based low fares airline to be launched later this year.
UK charter airlines company, MyTravel Group, today announced the appointment of Mr Jeans to run the no-frills operation.
MyTravel Group plans to move a small number of aircraft from the charter side of its business to the new low fares undertaking. The group will thus gain a low cost and low risk entry to the growing market without any increase in its operational gearing.
The MyTravel group this year posted first quarter losses of £58.8 million sterling, which Group CEO, Mr Tim Byrne blamed on the "tragic events of September 11th".
The group has also just closed and signed a £400 million replacement bonding facility, which will secure its regulatory bonding for the next three years. The group's UK turnover last year was £830million sterling while total turnover was over £1.7 billion.
"The UK's charter airlines have the lowest costs in the industry," said Mr Jeans. "MyTravel will soon be delivering more accessible and flexible air travel from its chosen UK base."
Commenting on Mr Jeans's appointment, Mr Byrne, said: "Our future growth in the low fares airline market is dependent upon having the very best management. I am delighted, therefore, that Tim has agreed to join us bringing with him his wealth of experience."
Mr Jeans is expected to take up his new position before the winter season commences and the new airline launches. "The low fares business is still in its infancy," he said, "and there are still huge opportunities for new entrants."