DAVID Crossland, the one-time Burnley tea boy who went on to build the giant Airtours travel group, has announced his retirement.

He told shareholders at the company's annual general meeting that he would be stepping down as executive chairman in November.

His decision to quit the company he launched in 1972 coincided with company warnings that there would be a 'signifiTGcant' jump in losses for the first six months of the financial year because of the terrorist attacks on America on September 11.

But Mr Crossland insisted that the company was 'in great shape' and that sales had picked up since Christmas to put the business ahead of last year's record-breaking performance.

"We are in an ideal position being one of the most profitable travel businesses in the world," he told shareholders.

"It goes without saying that I will be sad to leave both the group and the travel industry, but I am intensely proud of what all of us who work at Airtours plc have achieved.

"We have great people and great technology and I am convinced that the future is going to be even more exciting than the past."

Mr Crossland, 55, said he had no intention of reducing his family's £125 million stake in the business "to any material extent". He will be replaced as chairman by his deputy Eric Sanderson.

Airtours is the most successful business ever to be launched in East Lancashire and is a classic 'rags to riches' tale of a young Burnley boy who even failed his Maths 'O' level and was turned down for an administration jobs at the town's hospital.

His first job was at Altham's travel agency in Burnley as an office boy. He moved across town to Central Travel, went to Silverwings in Rawtenstall and reached the giddy heights of office manager at Travelplan in Burnley.

The big breakthrough came in 1972 when he bought Pendle Travel for just £8,000 with his brother-in-law Tom Trickett. By 1980, they had nine shops in East Lancashire and decided to open a tour operator - Airtours - which soon moved to Helmshore.

The company floated on the Stock Market in 1987, making David Crossland a multi-millionaire overnight.

Airtours relocated its head office to Rochdale in 1999, but stills employs hundreds of people at Helmshore and at the Globe Centre in Accrington.

The David Crossland Story

Born in Burnley in 1947, son of Ben Crossland who played for Burnley FC, and attended Heasandford Primary Scholl.

Left Burnley Grammar School with poor 'O' levels in English, History and Geography and rejected for a job as a hospital clerk.

Taken on as office boy at Althams Travel Agency in Burnley.

Bought out Pendle Travel with brother-in-law in 1972 for £8,000. Employed just two people and made £2,000 profit in the first year.

By 1980, company had grown to a chain of nine shops and Airtours was launched as a tour operator.

Moved its headquarters to former textile mill in Helmshore, gradually increasing jobs.

In 1987, Airtours was floated on the Stock Exchange to raise funds to fuel its relentless expansion plans.

In 1991, the company bought the assets of International Leisure Group and, two years later, bought the Hogg Robinson and Pickfords travel businesses, renaming them as Going Places.

In 1997, Airtours opened new offices at the Globe Centre in Accrington to house its Tradewings and Eurosite businesses.

In 1999, company moved its headquarters to Rochdale, but retained a strong East Lancashire presence.

Last year, Airtours' 27,000 employees worldwide earned the company pre-tax profits of £81 million on a £5 billion turnover.

Airtours is now renaming itself MyTravel.