Minoan appoints chairman to subsidiary Crete resort developer

The AIM-traded firm said the appointment was in addition to Mergos’ current role as a director of the company.

Itanos Gaia is a luxury resort development the company has pursued on the island of Crete for several years, with the supreme court in Athens giving it the go-ahead after dismissing several appeals against the project in June 2017.

According to the Greek government’s Enterprise Greece trade agency, the plans include five luxury hotels with a total capacity of 1,936 beds, as well as an 18-hole golf course and spa.

Land use for the project, granted to Minoan by presidential decree, was met with local outcry given the number of locations of ancient interest in the Lasithi region.

That opposition led to the appeals, which were eventually thrown out by the Greek Council of State.

“As the project moves toward contracts and commercialisation, it has become increasingly clear that we need someone in the lead role who not only understands the Greek business environment at the most senior level, but with whom all parties in Greece are comfortable dealing,” said chairman Christopher Egleton.

“With George's extensive background across the public and private sectors and with his experience in both complex projects and finance, we felt it was time to hand over the role of chairman of Loyalward - a role that I have performed for over 20 years.”

Egleton warned shareholders not to underestimate the importance of the appointment.

“It is a significant milestone for both Minoan and the project, and is testament to the pace of developments over recent months.”

George Mergos himself added that, with the project finally able to move to definitive agreements, which would require contractual relationships to develop the site at Cavo Sidero, he was “delighted” to be involved proactively in seeing the unique development take shape.

“The project is set in the largest private estate in the eastern Mediterranean, and Minoan's steadfast and patient shareholders can rest assured that I aim to see their commitment and loyalty rewarded with further demonstrable progress in its development in the near future.”

At 1304 GMT, shares in Minoan Group were up 16.1% at 1.19p.