Minoan buys back stake in travel business
Travel agency and property developer Minoan has bought back a stake in its travel and leisure business, having sold the 20 per cent slice to an outside investor.
The Glasgow-based firm has paid £930,000 for the stake, compared with the £770,000 it sold for in July. Minoan said the increase in price reflected the growth of the business.
Minoan said its travel business remains on track to deliver an operating profit of more than £600,000 for the year to October, in line with its trading update published in December.
However, the firm upgraded its revenues forecast for the division to about £50 million, up from its previous forecast of £45m.