StockMarketWire.com - Minoan Group has announced that its wholly owned subsidiary, Stewart Travel, has agreed to acquire, subject to contract, approximately 20% of Miles Away.

This is in order to formalise a strategic partnership between Stewart and Miles Away for the further development of the Group's travel division.

The combined total transaction value of the two entities is expected to be circa £100m in the coming financial year. Stewart and Miles Away have complementary businesses, operating within a similar target customer demographic and offering similar products. A combination of buying power with key suppliers is anticipated to both strengthen relationships and enhance commercial terms.

Duncan Wilson, managing director of Minoan, said: "Stewart has already built up a strong presence in Scotland and it is well known that we have been interested for quite some time in having a presence south of the border.

"The first and most important aspect of beginning a partnership for the company is that the ethos, culture and future vision for travel distribution has to be a shared one. We believe that in Miles Away as a business, and in Miles as a person, we have the perfect match for our first step into England."


At 10:30am: [LON:MIN] Minoan Group PLC share price was 0p at 11p



Story provided by StockMarketWire.com