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13 Mar 2018

BY Jennifer Morris

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Minoan Group reaches deal with preferred buyer of travel and leisure division

Minoan Group has revealed an exclusivity agreement has been signed with the preferred buyer of its travel and leisure division.

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The Stewart Travel parent said the sale would leave it “substantially debt free”

The due diligence process has begun and is proceeding according to plan, the Stewart Travel parent said.

 

It added that the sale, when completed, would leave the group “substantially debt free”.

 

Meanwhile trading for the division for the first fiscal quarter is significantly ahead of the same period last year – unaudited Q1 gross sales are up 15%, commission is up 10%, with the difference largely accounted for by a change in sales mix.

 

Minoan has recently received an approach from a party which has expressed an interest in acquiring a significant stake in its Crete resort development project.

 

The group’s results for the year ended October 31, 2018 are expected to be published at the end of this month.

 

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TTG Media Limited.
Place of registration: England and Wales.
Company number 08723341.
Registered address: New Bridge Street House, 30-34 New Bridge Street, London EC4V 6BJ
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