LONDON (ShareCast) - Minoan Group has agreed to buy the trade and assets of Martin Singer Travel (MST).

The group’s travel division Stewart Travel will buy the Aberdeen-based business for an initial cash consideration of £250,000 and a deferred cash consideration based on the first year's profitability of up to £500,000.

MST achieved a turnover of £2.23m and profit before tax of £131,000 in the year ended October 31st 2013.

The acquisition is expected to be complete by May 31st 2014.

The division has so far acquired and integrated eight travel agencies and businesses. Stewart Travel will report gross revenues of around £50m and an operating profit for the continuing travel businesses in excess of £600,000 when the group releases its annual results later this month.

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."

Shares in Minoan dropped 5.79% to 14.29p at 11:00 on Monday.

RD

Email this article to a friend

or share it with one of these popular networks:

• DIGG
• FACEBOOK
• STUMBLEUPON
• MIXX
• YAHOO BUZZ
• DELICIOUS
• REDDIT
• NEWSVINE