Acquisition of Ski Travel Centre and Greece Update

RNS Number : 4512E

Minoan Group PLC

31 May 2012

 

  31 May 2012

Minoan Group Plc

(the "Group" or "Minoan")

Acquisition of Ski Travel Centre and Greece Update

 

Travel and Leisure

In line with its strategy of building the Group's travel and leisure ("T&L") business, Minoan is pleased to announce the acquisition of the trade and business assets of Ski Travel Centre. Ski Travel Centre was started in 1985 and is a leading Glasgow-based travel agency, arranging winter sports holidays in Europe and North America for clients in the UK, Ireland and beyond, ranging from families of first-time beginners to large groups and clubs.

The completion of the acquisition of the assets and business of Stewart Travel Centre ("Stewart"), as announced on 16 March 2012, was conditional on Minoan receiving regulatory approval from the relevant authorities by 31 May 2012, or such later date as the parties may agree. Although almost complete, the details for regulatory approval are not yet formalised and, as a consequence, a new long stop date of 31 July 2012 has been agreed. In the meantime, the integration of Stewart into the Group's T&L business continues.

 

The Project

Greece is currently awaiting the outcome of a second election, to be held in June, inevitably slowing almost all bureaucratic processes. However, the Board remains confident that the Project's full potential will be realised in due course. The country has a long-standing tradition in the leisure industry combined with superb natural resources. The quality of leisure services remains intact despite changing prices and the Board is confident that tourism will remain a prominent sector of the Greek economy going forward. The Board is optimistic that the future government, irrespective of the party in power, will proactively seek to attract investment in quality tourism and the value of such tourist assets will be underpinned by their ability to generate foreign earnings.

Christopher Egleton, Chairman of Minoan commented:

"The T&L business continues to trade well and commissions and operating profits are on budget. Despite difficulties suffered by the T&L sector in recent months, we believe our skilled and experienced management team is well placed to take advantage and we have identified several businesses and other opportunities, the acquisition of which would generate value for Minoan's shareholders.  We expect to make further announcements in due course."

For further information visit www.minoangroup.com or contact:

Minoan Group Plc
Christopher Egleton	[e-mail]
Bill Cole	020 8253 4305
Seymour Pierce Limited	020 7107 8000
Nicola Marrin/David Foreman
Rivington Street Corporate Finance Limited	020 7562 3384
Jon Levinson
Bishopsgate Communications Limited	020 7562 3350
Nick Rome/Shabnam Bashir

 

END

 

 

MSCBUGDULBXBGDG