Glasgow-based Minoan has bought back the 20% stake it sold in its travel and leisure business to a mystery investor just seven months ago.
It has paid £930,000 to buy back the shares, which were sold last July for £770,000. Minoan said the increased price reflected the growth of the business.
At the time it sold the stake, Minoan declined to reveal the name of the investor, saying it was bound by a confidentiality agreement, but chairman Christopher Egleton said they were backed by "individuals who have a long association with the group".
The sale included a buy-back arrangement which could have risen to £1.1 million, depending on Minoan’s performance.
In a statement to the Stock Exchange this morning, Minoan said: The Board believes that the acquisition (which is expected to be earnings enhancing) is in shareholders’ best interests in that it will enable the Group to pursue a more flexible approach to the acquisition strategy for its T&L business."
Minoan owns King World, John Semple, Stewart Travel and Classic4Travel and it is planning to build a five-star resort in Crete.
