Scottish travel organisation Minoan Group has secured £1.5 million in additional funding to help with acquisitions.
The Glasgow-based owner of Stewart Travel and a string of other other agencies announced today that it has agreed to issue three-year unsecured convertible loan notes up to a maximum amount of £1.5 million.
Chairman Christopher Egleton said: “I am delighted that we have secured this funding on the terms outlined. The funds will be used to provide general working capital and to support further acquisitions”.
The group also said it has become aware of articles overnight in the Greek media reporting that its plans for a resort development in Crete had received a key approval as part of a long-running process to gain the final green light for the project.
‘The company will provide further information once the official announcement has been received and translated,” Minoan said this morning.