Agreement to acquire c. 20% of Miles Away Limited

RNS Number : 8577U

Minoan Group PLC

21 October 2014

 



21 October 2014

Minoan Group Plc ("Minoan" or "the Group")

Agreement to acquire approximately 20% of Miles Away Limited ("Miles Away")

Minoan Group Plc is pleased to announce that its wholly owned subsidiary, Stewart Travel Limited ("Stewart"), has agreed to acquire, subject to contract, approximately 20% of Miles Away in order to formalise a strategic partnership between Stewart and Miles Away for the further development of the Group's travel division.

The combined total transaction value of the two entities is expected to be circa £100 million in the coming financial year. Stewart and Miles Away have complementary businesses, operating within a similar target customer demographic and offering similar products. A combination of buying power with key suppliers is anticipated to both strengthen relationships and enhance commercial terms.

Duncan Wilson, Managing Director of Minoan, said:

"Stewart has already built up a strong presence in Scotland and it is well known that we have been interested for quite some time in having a presence south of the border. The first and most important aspect of beginning a partnership for the company is that the ethos, culture and future vision for travel distribution has to be a shared one. We believe that in Miles Away as a business, and in Miles as a person, we have the perfect match for our first step into England."

Miles Morgan, Founder and Managing Director of Miles Away, said:

"Duncan and I have been talking about a prospective way forward for some months. Having taken that time and looked at both entities I am confident that this will add immediate value to both parties, and allow us both to further succeed in our chosen markets. I have no doubt that this strategic investment from Stewart will be good for Miles Away and all the staff. We have some exciting opportunities to grow Miles Away and I am aware of some of the other plans that Duncan and his team are working on. I look forward to what should be an exciting time for us all."

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

Minoan Group Plc
Christopher Egleton	[e-mail]
Duncan Wilson	0141 226 2930
Bill Cole	020 8253 4305
WH Ireland Limited	020 7220 1666
Adrian Hadden/Mark Leonard
Throgmorton Street Capital	020 7071 0808
Forbes Cutler
Morgan Rossiter	020 3195 3240
Richard Morgan Evans/James Rossiter

 

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