GLASGOW-based Minoan Group has taken a significant step towards developing a luxury holiday resort on Crete after the regional government voted in favour of its plans.

The vote means Minoan has one final hurdle to clear before work on the venture it began planning 18 years ago can begin.

It said the process of gaining presidential decree will take some two months.

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Minoan plans to build up to five, five-star hotels and up to two golf courses in 23 kilometres of land it owns along the coast of Crete.

Chairman Christopher Egleton said: "I am delighted that this major milestone has been passed successfully."

Minoan this week reported that pre-tax losses had narrowed to £1.18 million from £1.29m in the year ended October 31.

Shares in Minoan Group closed up 0.25p at 16.38p.