StockMarketWire.com - Minoan Group has decided to 'buy in' the 20% stake of its Travel & Leisure business for more than it sold it for seven months ago. The deal follows a review of Minoan's businesses and acquisition strategies.

Consideration for the 20% stake was £930,000, against the initial sale price in July 2013 of £770,000, reflecting the growth of the business. The original agreement included a "buy back" arrangement which could have amounted to up to £1.1 million.

Minoan said 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.

Meantime, Minoan also hiked its FY revenue guidance from about £45m in relation to the travel business, to about £50m. "This change is not expected to impact reported profit."


At 8:25am: [LON:MIN] Minoan Group PLC share price was +0.01p at 10.13p



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