Stewart sale ‘imminent’ says travel firm Minoan

Glasgow-based travel and leisure company Minoan Group has announced it has almost completed the sale of its Stewart Travel division.

The Aim-quoted firm said negotiations had been taking place “in good faith” with the group’s primary lender, Zachary Asset Holdings, and it expected to conclude terms of the sale “imminently”.

The sale will then be subject to shareholder approval.

The group anticipated that money from the pending deal would be sufficient to repay its secured loan facility, which had been extended to the end of August.

Stewart Travel has 12 sites across Scotland and one in Belfast.

Meanwhile, Minoan has begun its cost restructuring exercise by reducing its chairman’s fees by 50 per cent, effective immediately.

Reporting interim results in July, the group forecast “major developments” at its planned luxury resort in Crete in the final months of this year.