Minoan Group PLC on Tuesday said it has agreed to work with an unnamed ‘major international’ luxury hotel group on one or more of Minoan’s hotels in the Itanos Gaia project in Crete, Greece.

The London-based Greek hotel investor said the collaboration proposal outlines the ‘key financial and other’ terms for the hotel group to become the operator of the one or more hotels.

Minoan said it would work with the hotel group through a team within its wholly-owned subsidiary Loyalward Ltd towards the ‘more detailed work necessary in relation to design, specification, and management plans needed’.

This is to make sure both parties are satisfied with the vision for the projects.

‘We are delighted that we have agreed with a major international luxury hotel group to collaborate in the project as now envisioned and look forward to a long and mutually beneficial relationship,’ Minoan Chair Christopher Egleton.

‘This is the first major collaboration on the revised project and it represents a significant level of confidence in the project and in Greece which matches our own.’

Minoan said it would provide ‘further and more detailed information’ over the coming months.

Shares in Minoan were up 2.8% to 1.00 pence each in London on Tuesday afternoon.

On Monday, Minoan said its pretax loss narrowed to £286,000 in the six months that ended April 30 from £542,000 a year prior. This was driven by finance costs falling by 76% to £66,000 and operating expenses dropping by 16% to £220,000. It posted no revenue for the year, unchanged from a year earlier.

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