The owner of Scottish agency Stewart Travel today revealed that plans to sell its travel arm is taking longer than expected.

Glasgow-based Minoan Group said: “The proposed disposal of the group’s travel business is proceeding, albeit more slowly than previously envisaged.”

However, the company described sales for the six months to April 30 as being “comfortably ahead” of the same time the previous year.

Discussions with prospective partners are continuing over the company’s long-standing plans to develop a luxury resort in Crete.

“We expect to provide further updates as negotiations progress.” Minoan added.

The company is issuing 1.22 million ordinary shares “to settle certain existing liabilities”.