HOLIDAY group Airtours has named its new managing director.

Tim Byrne, finance director, will take up the post in March taking over from Harry Coe.

David Jardine, a partner with consultant Arthur Andersen who has been working with Airtours since 1993, will become finance director.

The group, which has its holiday arm based in Helmshore and a satellite booking centre at the Globe Centre in Accrington, yesterday announced increasing losses over the winter sales period but rising sales.

The company said it would continue investing in acquisitions, hotels and planes.

It was especially keen to develop its German operations, which it started 18 months ago.

"We would like to do big acquisitions if we can find any because you get a bigger gain. It's just a matter of finding them." said Mr Byrne.

The company has a war chest for deals running into hundreds of millions of pounds.

Airtours is currently appealing against the European Commission's decision to block its £850 million bid for First Choice.

The appeal process is likely to take about three years.

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