Fri, 30 May 2014 | BUSINESS NEWS
Travel company Minoan Group has reported that it is poised to make another acquisition after raising almost £690,000 through a share placing.
The fast-growing firm, which is based in Glasgow, has already bought eight other travel agencies and businesses as part of a "buy-and-build" strategy. Most recently, in March, Minoan bought Aberdeenshire-based Martin Singer Travel.
Further acquisitions are on the horizon after this week the company placed more than 5.7 million new shares on the Alternative Investment Market at 12p each. This has raised £687,000 to go towards buying other business and helping to fund the development of its long-running luxury resort in Greece.
In a statement, the company said: "We are presently in advanced discussions with a number of potential targets, and has identified other prospective acquisition candidates compatible with the group’s acquisition criteria.
"Potential acquisitions which are the subject of advanced discussions range in annual historical revenues (on a total transaction value, or TTV, basis) from £200,000 to over £30m, with commission rates and operating profit margins reflective of the travel agency and leisure sector.”
As the news broke this week, shares fell 1.25p, or nine per cent, down to 12.38p.
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