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Travel industry news

31 Aug 2018

BY James Chapple


Minoan edges closer to Stewart Travel sale

Minoan’s plans to dispose of its Stewart Travel brand took a major step forward this week.

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Minoan edges closer to Stewart Travel sale

The group confirmed in a trading update issued on Friday morning (August 31) it expected to “imminently” conclude terms for the sale of the T&L business.

Minoan acquired a 20% stake in Stewart in 2011 before completing a full deal in the spring.

The Glasgow-based business, founded in 1972, operates a number of brands, including Cruise Kings and Golf Kings, and 13 agencies.

Stewart is understood to currently employ in excess of 250 staff.

Minoan though announced plans to dispose of its Scottish travel agency arm late last year.

In Friday’s update, Minoan said it had received approaches from a number of prospective buyers.

Extensive negotiations have since taken place with the group’s primary lender, Zachary Asset Holdings Limited, a subsidiary of financier Hillside International Holdings Limited, with a view to a full sale, subject to shareholder approval.

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