Fri, 22 Dec 2017 | DIVISION SALE
Travel company Minoan is weighing up plans to sell its Scottish business in a deal that could be worth £1.3 million, requiring extra funds to pay off a corporate debt.
The Glasgow-based travel group revealed this week that it had received a “credible approach” from an unnamed bidder to buy its travel and leisure division.
Minoan is currently building a major resort complex on Crete which has been delayed several times and has said it was considering the deal so it could “concentrate its efforts on optimising the value” of this new development
The new construction will incorporate hotels, golf courses and a marina, with total costs estimated to be in the region of £300 million.
The group’s bosses said they were in negotiations over the sale and, if agreed, any proceeds would be used to repay a debt owed to Hillside International Holdings, a Jersey-based investment vehicle.
Minoan’s boss, former Direct Holidays chief executive Duncan Wilson, said the sell-off was “anticipated to leave the group largely debt free”.
He added: “Should there be any excess cash remaining after the repayment of group debt, this will be used for working capital purposes.
“The board expects to be in a position to update its shareholders on the likely outcome in the new year.”
The company employs more than 250 staff with specialists in cruise, Lapland, Canada, golf and ski holidays, with other experts that concentrate on business travel and retail.
Earlier this year Minoan acquired Morningside Travel, an Edinburgh-based firm, which it then consolidated into a separate business division that includes Cruise Kings, Cruise Centre, Ski Kings and Gold Kings. In June, the Greek Government finally cleared the 6,000 acre Crete project on the Cavo Sidero peninsula to start construction.
Supplies and installs cost-effective, lightweight and insulated conservatory roof conversions, creating year-round, useable spaces for customers throughout the North West. Works closely with customers to ensure all services meet specific requirements...
LEASEHOLD
Provides a comprehensive range of specialist scaffolding services, investing in new equipment and innovative technologies to strengthen and streamline operations. Holds a significant volume of scaffolding materials and a fleet of modern vehicles, wit...
LEASEHOLD
On instructions of the Company, an excellent opportunity exists to purchase this long-established specialist building contractor specialising in roofing, guttering, upvc cladding, fascias, etc on domestic and commercial properties.
LEASEHOLD
|
09
|
|
Apr
|
Topshop flagship store up for sale | COMMERCIAL PROPERTY
Topshop's flagship Oxford Street store in London is dra...
|
09
|
|
Apr
|
Gestamp’s former Washington warehouse hits the market in £6.5m auction | COMMERCIAL PROPERTY
The former Washington base of international car parts manufa...
|
08
|
|
Apr
|
Decorating contractor targets acquisitions after MBO | MBO/MBI
Scottish commercial decorating contractor Bell Group has com...
Sign up to receive our acquisition alert emails to get your FREE guide
|
30
|
|
May
|
Minoan raises funds for further aggressive expansion | BUSINESS NEWS
Travel company Minoan Group has reported that it is poised t...
Business Sale Report is your complete solution to finding great acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources