Jack Frazee, president and chief operating officer of Budget International, will take control of the UK operation, which announced last month it was shedding the majority of its owned sites in the UK in a move back to franchising. All business functions of Budget UK will now report into Budget International as part of a global reshaping that came as the firm announced a 2000 pre-tax loss of about £93 million for the fourth quarter. After charges associated with the restructuring, pre-tax losses rocketed to £365 million for the same period.
Full year figures for 2000 show the firm had a turnover of about £1.5 billion and pre-tax losses of £104 million. Despite the financial problems facing the firm, it has dismissed rumours it is set to be taken over by rental giant Avis. Separate financial figures for the UK were not revealed.