THE MANAGING director of leisure business Minoan Group has left the firm as part of the disposal of travel agency arm Stewart Travel.

The firm said it wished Duncan Wilson, who has run Minoan since 2009, “every success” in the new venture.

Stewart Travel has been acquired by Minoan’s lender Zachary Asset Holdings, which has wiped out all but £1 million of Minoan’s £8.3m debt in exchange for taking the travel agency off its hands. The debt to Zachary started off as a £5m loan taken out in 2013.

Minoan is now left as the developer of an as-yet un-started luxury resort on the Greek island of Crete.

The firm said earlier this week that it expects to soon secure partners for the project.