Minoan closes in on sale of travel and leisure division

A deal to sell the travel and leisure division of Scottish group Minoan has taken a major step forward. An exclusivity agreement has been signed with an unnamed preferred buyer of the division, which includes long-established agency Stewart Travel and brands covering cruise, ski, golf, and Canada.
The Glasgow-based division employs more than 250 staff. “The due diligence process has begun and is proceeding according to plan. Under the heads of terms, the sale, when completed, would leave the group substantially debt free,” Minoan said in an update to shareholders today.
Trading for the division for the first quarter of the financial year was described as being “significantly ahead” of the same period last year with unaudited gross sales up by 15%. A commission is up 10%, with the difference largely accounted for by a change in sales mix, according to the company.