Minoan-owned Stewart Travel is taking over Edinburgh-based Morningside Travel for £135,000.

At the same time Scottish travel group Minoan is raising £450,000 through a share placing which could partly be targeted at further acquisitions.

“Morningside is an independent travel agent based in Edinburgh that, over many years, has built up a reputation for excellent customer service and is an ideal fit for the Stewart Travel retail business,” Minoan said.

The proceeds of the share placing will be used to provide general working capital to support the development of the group, including its resort project in Crete and, together with other resources, further acquisitions, the company added.

The Morningside Travel website has already been rebranded under the Stewart Travel name.