Minoan Group has announced that a deal to sell Stewart Travel is expected to be completed “imminently”.

The sale of the Glasgow-based agency will be subject to shareholder approval.

Minoan’s debt facility with primary lender Zachary Asset Holdings Limited was due to expire on Friday (August 31), after it was extended from June 30.

The proceeds from the sale of Stewart Travel to an as yet un-named buyer will be used to repay the loan.

“In the circumstances, the board does not believe that the loan will be called pending the completion of negotiations and the culmination of the transaction, which should see it repaid in full,” a Minoan statement to the London Stock Exchange read.

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