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Minoan Group buys independent agent
The Minoan Group is buying independent agent Martin Singer Travel as part of its ‘buy and build’ strategy.
The Aberdeen-based agent is being bought through an initial cash consideration of £250,000 and a deferred cash consideration based on the first year’s profitability, up to a maximum of £500,000.
It will be acquired by Stewart Travel, the Group’s travel division, and completed by May 31.
MST had an annual turnover of £2.23 million and profit before tax of £131,000 as stated in its unaudited accounts for the year ended October 31, 2013.
The Scottish-based Minoan Group said this latest acquisition is an illustration of the success of the buy-and-build strategy that the Group’s travel division is executing.
So far 8 travel agencies and businesses have been acquired and integrated into the division.
Duncan Wilson, Minoan managing director said: "We are delighted to have a presence on the ground in Aberdeen to build on the Group’s initial success in possibly the most vibrant business travel market in the UK".
The Group added that Stewart Travel is already engaged in an active marketing drive in the Aberdeen area with its fast expanding corporate travel market.
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