Minoan reveals cost of business shake-up
A major change to its business model cost the Minoan Group more than £150,000, it revealed today.
It said the changes were necessary because of a change in the Civil Aviation Authority’s approach in terms of the settlement system for its travel business.
This, taken together with a rebranding, reorganisation and rationalisation of the travel branch network resulted in one-off costs of more than £150,000.
Shutting down its Canada operation cost the company a further £104,000.
However, chairman Christopher Egleton said profits from the continuing operations of the travel business reflected a "robust performance"
Audited figures for the year ended October 31 will be published in March 2014, with travel gross revenues of around £45 million and operating profits of the continuing travel businesses in excess of £600,000, he said,
"We expect a further significant improvement in the performance of the travel business going forward, given the completion of the rationalisation of the business and the arrangement of the loan facility as announced on October 17, which allows the acquisition programme to accelerate," he added.
Minoan owns King World, John Semple, Stewart Travel and Classic4Travel and it is planning to build a five-star resort in Crete.
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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