Minoan eyes acquisitions after reducing winter losses

Expanding travel group Minoan plans a “carefully controlled” programme of acquisitions after revealing a reduction in traditional winter losses.

The company, which acquired King World Travel in March and took a 19.9% interest in Stewart Travel Centres last month, saw its pre-tax loss for the half year to March 31 reduce to £497,601 from  £562,864 in the same period a year earlier.

KWT was appointed as the exclusive franchisee of Cruise118 within the Scottish travel market in April, and the agency also became UK general sales agent for Sunwing’s UK-Canada flying programme in May.

Minoan chairman Christopher Egleton, releasing half year results today, said: “ I am pleased to confirm that the contract with Cruise118 has now been formally signed.

“The directors believe that this agreement, which provides access to the cutting edge technology and CRM tools of Cruise118, will enable KWT to become a much stronger player in the growing cruise retail market.

“It is also our intention to utilise this technology in Scotland’s Cruise Centre, which is the cruise selling division of Stewart.”

Egleton added: “The expansion in the travel and leisure sector will continue to be fulfilled by means of a carefully controlled programme of acquisitions that are expected to be both cash and profit generative to the expanded group.”

Opportunities in the travel and leisure sector provide grounds for “considerable optimism” for the future, he said. The group has land in Crete valued at €100 million earmarked for development.

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