Minoan, the Glasgow-based travel company, has secured up to £2 million backing from a mystery investor and is eyeing further acquisitions following a strong first half.

The Aim-listed company said the funding will be provided by a company backed by individuals with a long association with the group, which it did not name.

The investor is acquiring a 20% stake in Minoan's travel and leisure subsidiary in an apparent vote of confidence in its strategy.

Led by Duncan Wilson, who ran the Direct Holidays business built by John and Hugh Boyle, Minoan has bought several businesses in Scotland under a plan to consolidate small travel operators.

The company said the travel and leisure operation created through those deals increased revenues by around 60% annually, to £19.8m, in the first half, from £12.6m last time. The division increased pre-tax profit from £10,000 to £117,000.

Mr Wilson said the investment was covered by a confidentiality agreement, and declined to identify the party concerned.

However, he said: "I'm very comfortable with them. I have known them a long time." He said the investor was not John Boyle.

The investment comes ahead of what chairman Christopher Egleton said promises to be the "most significant and transformational" year in Minoan's history.

Mr Wilson said Minoan is set to make further acquisitions. It could complete one this year. He added: "We are in conversations with a variety of opportunities all the time."

In November, Minoan acquired ­Scotland's Classic4 Travel for up to £600,000.

Highlighting the strong organic growth achieved by the travel and leisure division, Mr Wilson said it had benefited from an improvement in market conditions recently.

"My understanding is that all the industry has had a strong start to the year."

But he said Minoan's success is largely due to its ability to meet growing demand for more specialised holidays, including golf and dance vacations. "The more commoditised, traditional package holiday is becoming a more difficult sell," he said.

Mr Wilson hopes Minoan is nearing the successful conclusion of a long campaign to win clearance for a major tourist development on a 17 mile stretch of coastline on Crete.

In April a challenge to the development was thrown out by a Greek court.

Minoan expects to submit a Strategic Environmental Assessment within the next few weeks. It said approval of this would be the UK equivalent of winning outline planning consent.

"It's entirely possible that some work will commence next year," said Mr Wilson.

The group made a pre-tax loss of £903,000 in the six months to 30 April, up from £780,000 last time. It incurred £150,000 costs rationalising its network of branches which operate under the Stewart Travel brand.

Minoan said an experiment in locating computerised travel agency kiosks in sub-post offices has not matched expectations.

Minoan said: "On 30 July 2013 the Company entered into an agreement by which an investor, a company the backers of which include individuals who have a long association with the Group, has agreed to subscribe for a 20% stake in the Group's T&L business."

The investor has agreed to pay an initial £770,000. This could increase to up to £2 million depending on performance, which would value the division at £10m.