- Minoan Group said it would sell its travel business after revealing losses for the year through October, 2017 had deepened.

Net losses amounted to £2.5m, compared to £2.3m of red ink a year earlier.

Proceeds from the travel division sale would be used to reduce debt, the company said.

'Following the expected sale of the travel and leisure division, which I hope to be announcing the completion of in the near future, I and my colleagues will be concentrating our efforts on optimising the value of the group's project in Crete for the benefit of all shareholders,' chairman Christopher Egleton said.

The company said it was also examining its cost structure, given the travel division was its only revenue generating division.

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