Stewart Travel buys independent agent

Friday, 22 May, 2017 0

Scottish travel agent Stewart Travel has bought Edinburgh-based independent travel agent Morningside Travel.

Stewart Travel’s parent Minoan Group said Morningside was an ideal fit for the company’s retail business.

"The consideration for the acquisition is £135,000 of which £110,000 is to be settled by the issue of 1,203,502 new ordinary shares of 1p each in Minoan at 9.14 pence per share fully paid up," it said in an announcement this morning.

Minoan also announced that it has placed 5,000,898 new ordinary shares of 1p each at a price of 9p per share with institutional and other investors to raise £0.45m, before expenses.

It said this would be used to provide general working capital to support the development of the group, including its resort project in Crete and also to help fund further acquisitions.

Bev

Editor in chief Bev Fearis has been a travel journalist for 25 years. She started her career at Travel Weekly, where she became deputy news editor, before joining Business Traveller as deputy editor and launching the magazine’s website. She has also written travel features, news and expert comment for the Guardian, Observer, Times, Telegraph, Boundless and other consumer titles and was named one of the top 50 UK travel journalists by the Press Gazette.