Glasgow business snapped up
Minoan Group has completed a deal to buy John Semple Travel for £2 million after receiving approval from shareholders.
The AIM-listed group is paying £1.4m in cash plus £600,000 in shares for the Glasgow company.
Semple specialises in cruise, golf and ski travel and has a store in Bishopbriggs.
Minoan bought Ayr-based King World Travel for £410,000 in March this year then took a minority stake in Stewart Travel Centre, which has office in Ayr, Prestwick and Troon, in June.
Christopher Egleton, Minoan Chairman, said: "I am pleased that our shareholders have passed all the resolutions and provided the board with the approval to acquire John Semple Travel.
"This significant acquisition substantially completes the cluster of travel and leisure acquisitions in Scotland.
"As previously stated, Minoan’s aim is to create a substantial, profitable distribution-led travel business by building clusters in different regions and it is anticipated that the profitability of the group will be increased accordingly."
Egleton said the group is looking at acquisitions in the north east of England and is still developing a 7,000 bed eco-friendly golf and holiday resort on a 240-hectare plot in Greece.