Minoan ready to ‘fulfil potential’ as it awaits final clearance for Crete resort

The Herald Scotland –Minoan Group has said it is “closer than ever” to fulfilling its potential through a luxury development on Crete, as its travel agency business raised transaction value to £33 million for the six months to June 30.

The company also revealed it had entered discussions for an acquisition that would push sales in its travel and leisure division past its £100m target.

The Glasgow-headquartered firm posted its interim results as it awaits a hearing on an appeal against its long-running bid to build the five-star-plus Itanos Gaia resort on the Greek island.

Having been granted permission in March to build the resort on a 6,000-acre site in the Cavo Sidero peninsula, by way of presidential decree, the Greek Council of State – which issued the decree – received an objection.

However, managing director Duncan Wilson said he fully expected this objection to be dismissed. “We just have to wait and see, but all our advisors, all our contacts at the Greek Government are saying that it should be fine, because everything has already been through the council of state,” he said.

The appeal hearing will be heard by the Council on September 16, its first day back after summer recess, which could indicate that the Council is keen to quickly dismiss the appeal in order to illustrate to the troika that agreed a bailout package for Greece (The European Central Bank, European Commission and the International Monetary Fund), that the country is open for business.

Mr Wilson added: “It demonstrates to the troika that the [government] are getting on with all of the things they’ve agreed to.”

Mr Wilson said that the company anticipated making an announcement within a “very short period of time” immediately after the appeal has been heard.