Minoan agrees £5 million loan extension

Minoan agrees £5 million loan extension

Scottish travel group Minoan today announced the extension of a £5 million loan from a Jersey-based investment fund.

The three-year loan was originally agreed with Hillside International Holdings in October 2013 to help accelerate growth of the Stewart Travel agency chain. 

Minoan has now agreed an extension of the facility until June 30, 2017.

The company last month issued a profit warning, disclosing that its travel business had been negatively affected by the outcome of the Brexit vote, weakness in sterling and the decline in tourism in Turkey.

Chairman Christopher Egleton said: "The extension to the loan facility will greatly assist the group as it moves forward."

Besides Stewart Travel, Glasgow-based Minoan also owns John Semple Travel and King World Travel and is planning a luxury resort in Crete.

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