Minoan buys music festivals operator
Scottish travel group Minoan has snapped up music festivals operator As You Like It Holidays and signaled plans for further acquisitions after securing a £5 million loan.
The group said the three-year loan from Jersey-based investment group Hillside International Holdings would allow it to buy more buy more travel and leisure businesses.
Following the acquisition of As You Like It, managing director Eddie Robb will join Minoan-owned Stewart Travel in order to spearhead the growth of the brand, which will benefit from the Group’s additional resources.
The purchase price is based purely on results for the next two years and will be a maximum of £200,000.
Minoan’s planned resort development in Crete has reached the final stages of preparation, it said, and it will shortly be applying for the Greek equivalent of planning permission.
Minoan chairman Christopher Egleton said: "I am delighted that the Group has arranged this Facility, which allows us to continue to expand the T&L business and also move the Crete project forward to fruition."
Linsey McNeill
Editor Linsey McNeill has been writing about travel for more than three decades. Bylines include The Times, Telegraph, Observer, Guardian and Which? plus the South China Morning Post. She also shares insider tips on thetraveljournalist.co.uk
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