Minoan Group has agreed to buy back a 20% stake in its travel and leisure business for £930,000.
This compares to the £770,000 made from the sale in July last year, reflecting the growth of the business, the company said.
The original agreement included a buyback arrangement which could have amounted to up to £1.1 million.
The deal followed a review of the group’s businesses and acquisitions strategies.
Minoan today upgraded its expectation of 2013 revenue for the travel and leisure arm by £5 million to around £50 million with operating profits maintained at £600,000.
The travel and leisure division includes Stewart Travel, King World Travel and John Semple Travel.
Chairman Christopher Egleton said: “I am very pleased that we have been able to complete the buy in of the 20% stake in our T&L business from existing resources and hope to update shareholders with further positive developments for the group’s business in both Greece and the UK in the very near future.”
Glasgow-based Minoan has long-term plans to develop a resort in Crete.