- Minoan Group has reported that it has completed the first phase of its travel and leisure strategy and established a central office in Glasgow.

It has signeda joint venture agreement in respect of the Group's Crete project.

Minoan Chairman, Christopher Egleton commented: "We are delighted with the progress made in the Group's travel and leisure business and the potential to continue this growth.

"In a recent interview, Greece's newly appointed tourism minister, Olga Kefalogianni, who is the country's first dedicated minister for the sector since 2009, stated that 'Greece hopes to increase visitor numbers by focusing on a variety of niche markets, including golfing and yachting holidays, conferences and incentive travel, medical tourism, sustainability and cruising'.

"She also stated that 'the UK is the second largest tourism market to Greece but in terms of importance it is number one. We have strong ties with the British market'.

"With its project in Crete, Minoan is in a unique position to take advantage of this new incentive to promote tourism in Greece. The recently announced signing of a joint venture agreement represents a significant step in bringing the project to fruition plus it provides the potential to create revenue through the purchase and/or operation of leisure related assets in Greece via a special purpose vehicle.

"The more positive news emerging from Greece combined with the progress made in the Group's travel and leisure business gives the Board considerable cause for optimism for the future."

At 8:41am: [LON:MIN] share price was -0.5p at 7.38p

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