Minoan Group has expanded its portfolio of travel agencies with the takeover of Aberdeen-based independent Martin Singer Travel.

The £250,000 cash acquisition has been agreed through the group’s Stewart Travel division.

Martin Singer Travel had an annual turnover of £2.23 million and pre-tax profit of £131,000 for the year ended October 31.

The business is being acquired using existing resources for an initial £250,000 and a deferred cash consideration based on the first year’s profitability to a maximum of £500,000.

The deal is to be completed by May 31 and a further announcement will be made in due course, Minoan said.

It is the latest acquisition  in a ‘buy-and-build’ strategy which has seen the group acquire eight travel agencies

The division will report gross revenues of around £50 million and an operating profit for the continuing travel businesses of more than £600,000 when the group releases its annual results later this month.

Minoan managing director Duncan Wilson said: “We are delighted to have a presence on the ground in Aberdeen to build on the group’s initial success in possibly the most vibrant business travel market in the UK”.