Acquisition of Ski Travel Centre and Greece Update
31 May 2012
Minoan Group Plc
(the "Group" or "Minoan")
Acquisition of Ski Travel Centre and Greece Update
Travel and Leisure
In line with its strategy of building the Group's travel and leisure ("T&L") business, Minoan is pleased to announce the acquisition of the trade and business assets of Ski Travel Centre. Ski Travel Centre was started in 1985 and is a leading Glasgow-based travel agency, arranging winter sports holidays in Europe and North America for clients in the UK, Ireland and beyond, ranging from families of first-time beginners to large groups and clubs.
The completion of the acquisition of the assets and business of Stewart Travel Centre ("Stewart"), as announced on 16 March 2012, was conditional on Minoan receiving regulatory approval from the relevant authorities by 31 May 2012, or such later date as the parties may agree. Although almost complete, the details for regulatory approval are not yet formalised and, as a consequence, a new long stop date of 31 July 2012 has been agreed. In the meantime, the integration of Stewart into the Group's T&L business continues.
The Project
Greece is currently awaiting the outcome of a second election, to be held in June, inevitably slowing almost all bureaucratic processes. However, the Board remains confident that the Project's full potential will be realised in due course. The country has a long-standing tradition in the leisure industry combined with superb natural resources. The quality of leisure services remains intact despite changing prices and the Board is confident that tourism will remain a prominent sector of the Greek economy going forward. The Board is optimistic that the future government, irrespective of the party in power, will proactively seek to attract investment in quality tourism and the value of such tourist assets will be underpinned by their ability to generate foreign earnings.
Christopher Egleton, Chairman of Minoan commented:
"The T&L business continues to trade well and commissions and operating profits are on budget. Despite difficulties suffered by the T&L sector in recent months, we believe our skilled and experienced management team is well placed to take advantage and we have identified several businesses and other opportunities, the acquisition of which would generate value for Minoan's shareholders. We expect to make further announcements in due course."
For further information visit www.minoangroup.com or contact:
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Minoan Group Plc |
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Christopher Egleton |
christopher.egleton@minoangroup.com |
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Bill Cole |
020 8253 4305 |
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Seymour Pierce Limited |
020 7107 8000 |
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Nicola Marrin/David Foreman |
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Rivington Street Corporate Finance Limited |
020 7562 3384 |
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Jon Levinson |
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Bishopsgate Communications Limited |
020 7562 3350 |
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Nick Rome/Shabnam Bashir |
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This information is provided by RNS
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