In a trading statement issued this morning, chairman Christopher Egleton reiterated that Minoan’s decision to dispose of its travel arm “has not been taken lightly”.
The group announced last month that an exclusivity agreement had been signed with a preferred buyer and the due diligence process was "proceeding according to plan".
Egleton said he expected the sale to make the group “substantially debt free in relation to its loan obligations” and enable it to concentrate on developing a resort complex on Crete.
