Minoan finds funds for more acquisitions

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Minoan, the Glasgow-based property developer and travel agency, has secured a £5 million loan to fund further acquisitions.

The Aim-quoted group, which was set up to build a leisure complex on Crete but has since bought a string of travel agents in Scotland, said it had arranged a three year facility with Jersey-based investment fund Hillside International Holdings.

The main purpose of the facility is “to significantly accelerate the acquisition programme of the group’s travel and leisure business”, it said. Interest on the loan is 8 per cent a year.

Chairman Christopher Egleton said: “I am delighted that the group has arranged this facility, which allows us to continue to expand the travel and leisure business and also move the Crete project forward to fruition. The facility is divided into two equal tranches and it is unlikely that the second tranche will be drawn down prior to crystallisation of the value of the project.

“The group’s increasingly successful travel and leisure business continues to expand and following the securing of the relevant funding, I hope to be in a position, in the near future, to announce further acquisitions.”