Results for the 12 months to October 31 saw Minoan, which has been dogged by delays to a hotel development in Crete, lose £3 million, compared with £2.5 million the previous year.
Stewart Travel was sold partly to repay the group’s debts to Zachary Asset Holding in October. Zachary is a company associated with Hillside, Minoan’s principal lender.
The £6.6 million price, plus the repayment of inter-company debt of £781,749, reduced Minoan’s debt to Hillside to £942,000. However, “costly delays” and “aborted negotiations” meant a net £1.62 million loss on the sale.
