REG - Minoan Group PLC - Agreement to acquire c. 20% of Miles Away Limited <Origin Href="QuoteRef">MIN.L</Origin>

MinoanAnnouncement

29/10/2014 13:37

RNS Number : 8577U
Minoan Group PLC
21 October 2014
21 October 2014
Minoan Group Plc ("Minoan" or "the Group")
Agreement to acquire approximately 20% of Miles Away Limited ("Miles Away")
Minoan Group Plc is pleased to announce that its wholly owned subsidiary, Stewart Travel Limited ("Stewart"), has agreed to acquire, subject to contract, approximately 20% of Miles Away 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 100 million 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."
Miles Morgan, Founder and Managing Director of Miles Away, said:
"Duncan and I have been talking about a prospective way forward for some months. Having taken that time and looked at both entities I am confident that this will add immediate value to both parties, and allow us both to further succeed in our chosen markets. I have no doubt that this strategic investment from Stewart will be good for Miles Away and all the staff. We have some exciting opportunities to grow Miles Away and I am aware of some of the other plans that Duncan and his team are working on. I look forward to what should be an exciting time for us all."
For further information visit www.minoangroup.comor contact: 
Minoan Group Plc

Christopher Egleton 
christopher.egleton@minoangroup.com
Duncan Wilson
0141 226 2930
Bill Cole
020 8253 4305


WH Ireland Limited
020 7220 1666
Adrian Hadden/Mark Leonard



Throgmorton Street Capital
020 7071 0808
Forbes Cutler



Morgan Rossiter 
020 3195 3240
Richard Morgan Evans/James Rossiter


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The company news service from the London Stock Exchange
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