17th Oct 2013 08:44
LONDON (Alliance News) - Travel and leisure engagement company, Minoan Group PLC Thursday said that it has been granted a three year loan facility for GBP5 million in order to fund its expansion plans.
The UK-based holding and management company, engaged in the development and management of luxury resorts, said that the loan facility arrangement with Jersey-based investment fund, Hillside International Holdings Limited, will fund working capital to accelerate the next phase of the buy-and-build strategy for its travel and leisure business.
Minoan said that its travel and leisure business has had a very good year to date, and expects it to show double digit growth, and that both organic expansion and the buy-and-build strategy are driving further expansion. The group recently acquired the brand "As You Like It" Holidays, which specialises in arranging holidays and short breaks, focusing on music festivals across the world. it said that the total consideration for the brand will be no more than GBP200,000 depending on its trading results for the next two years.
It also said that it has successfully completed the consolidation of the travel and leisure business in its Glasgow office, with the new office now fully equipped to handle gross annual sales in excess of GBP150 million.
Minoan said that its strategic environment assessment for the development of a luxury resort in Crete, is now in the final stages of preparation and will soon be ready for submission.
Shares in the company were trading 4.1% higher Thursday morning, at 6.24 pence per share.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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