MINOAN Group intends to use the £687,000 it has raised through a share placing for further acquisitions and to help fund development of its long-running Greek resort project.

The Glasgow company announced yesterday it has placed more than 5.7 million new shares at 12p each with a range of institutional and other investors. Those shares are expected to be admitted for trading to the Alternative Investment Market tomorrow.

Minoan, led by chief executive Duncan Wilson, suggested its acquisitive strategy to build a travel business of scale is likely to continue.

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It has so far snapped up seven businesses, with its high street arm now badged as Stewart Travel, and is getting closer to completing a deal for Inverurie based Martin Singer Travel.

Alongside that Minoan revealed it is actively looking at a number of other acquisitions in the industry and it is in advanced discussions with some of those targets.

The annual total transaction values, the value of the holidays and services sold, of those businesses was said to run between £200,000 and £90 million.

Minoan said it has been active in "identifying and progressing acquisition opportunities". Shares fell 1.25p, or nine per cent, to 12.38p.