Minoan Group agrees to acquire Miles Away stake
Scottish group Stewart Travel has agreed to acquire a 20 per cent of Chepstow-based Miles Away as part of a partnership between the two companies.
The Minoan Group, the parent company of Stewart Travel, made the deal to formalise the strategic partnership between the companies to develop its travel division. The acquisition is subject to contract.
The combined total transaction value of the two businesses is expected to be in the region of £100m in the next financial year.
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."
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."