A NATIONAL anti-euro campaign has been backed by Alun Cathcart, non-executive chairman of Avis Europe. The company's former chief executive signed up to the No campaign - an escalation of the campaign launched by Business for Sterling and New Europe - in his role as chairman of Selfridges.

Cathcart, who declined to comment on his actions, is one of 338 leading bosses in the UK who have joined the campaign in a personal capacity to save the Pound, which appeared in the form of a double-page spread in the Financial Times. Avis Europe was the first London Stock Exchange quoted company to report its results in euros. Despite Cathcart's backing of the campaign, a spokeswoman for the company said Avis Europe did not see his decision to join the campaign was being hypocritical.

'Avis Europe operates in Europe, we are operational in five key areas in Europe and we report in euros. But this is a separate issue to a view held by our chairman. We do not feel let down in any way and by what is his personal opinion.'

Richard Jackson, chairman of Harrogate-based motor retailer Nidd Vale Group, also signed up for the campaign. Other key names include Peter Morgan, chairman of Morgan Cars, and Brian Stewart-Brown, deputy chairman of Aon Group.