Minoan raises fresh £200,000

A TRAVEL and leisure group run by former Airtours chief executive Duncan Wilson yesterday raised more than £200,000 by placing shares with an unnamed institutional investor.

Aim-quoted Minoan Group, which is moving its head office to Glasgow from Croydon following a £500,000 grant from Scottish Enterprise, issued four million shares to raise a total of £221,705 before expenses.

The firm said that the fresh cash would be used as additional working capital.

Minoan was set up to develop land on Crete but, after Wilson joined the company in 2006, it diversified by buying up small travel agencies to lead consolidation within the sector.

That strategy kicked off last year with Minoan acquiring Bishopbriggs-based John Semple Travel and Ayr-based King World Travel and taking a stake in Ayrshire-based Stewart Travel.

Minoan had been running the rule over Scottish airline Globespan before the carrier collapsed into administration.

Wilson worked under Motherwell football club owner John Boyle at travel firm Direct Line and later at Direct Holidays, which was sold to Airtours in 1998 for some £82 million.