Scottish travel agency Minoan buys back stake from investor
Travel firm and real estate developer Minoan has bought back an interest in its travel and leisure company. The Scottish firm had sold the 20% stake to an outside investor, according to The Scotsman.
The travel agency has shelled out £930,000 for the said stake. In July, it had sold the same stake for £770,000. According to Minoan, the price increase signified that the business had undergone growth, the report detailed.
The Glasgow-based firm said its travel business is still right on track to reach an operating profit of over £600,000 for this year until October. This is in accordance with the trading update that it posted last December, the report added.
Meanwhile, the company had increased its revenue forecast for the travel unit to approximately £50 million. The said forecast was previously pegged at £45 million, The Scotsman reported.
At present, the company is undergoing an expansion process through internal growth and acquisition, according to Minoan's website.