Minoan Group prepares to offload travel and leisure business

Minoan Group announced its preliminary results for the year ended 31 October on Friday, reporting that unappealable outline planning consent had been granted by the Greek government on its site in Greece.

The AIM-traded firm said it had taken the decision to dispose of its travel and leisure division, subject to shareholder approval, partly in order to pay-down group debt.

It said the division had been treated as a non-current asset held for sale in the financial statements.

Total transaction value of travel and leisure was up by over 18% to £80.32m for the year, with gross profit of travel and leisure up 18% to £8.35m.

The group made a loss after taxation of £2.52m.

It said that, although loans classified as current liabilities increased to £6.12m, the directors believed that following the sale of travel and leisure, the group would be substantially debt free.

“Following the expected sale of the travel and leisure division, which I hope to be announcing the completion of in the near future, I and my colleagues will be concentrating our efforts on optimising the value of the Group's project in Crete for the benefit of all shareholders,” said chairman Christopher Egleton.