Who We Are
Minoan Group Plc was created when Loyalward Group Plc changed its name to Minoan in 2005 and was subsequently admitted to trading on the AIM market in 2007.
The Company’s current sole focus is the Project.
Minoan and the Foundation
The Foundation Panagia Akrotiriani (Our Lady of Akrotiri)
The Foundation is the owner of the extensive lands for the Project on the Cavo Sidero Peninsula, an Estate unique in the Eastern Mediterranean, in size, in natural qualities and in the enlightened and charitable purposes of the owner.
Its focus is the Toplou Monastery, of immeasurable symbolic significance in the history of Crete over the last 500 years or more, as too in its role in local devotional life, valued immensely by the local community.
The values that informed the project and its design originated from the then Abbot of Toplou Monastery, Filotheos, who thought, as early as the 80’s that benefit for the local community should arise from a project designed to bring to the area prosperity, with more, and more diverse, jobs.
Planning the best way forward, he established along with the Holy Metropolis of Ierapytna and Sitia a foundation to which Abbott Filotheos, representing Toplou Monastery, donated the Project Site with the wish that the proceeds from achieving the potential of the Site would enable the facilitation of the charitable objectives of the Foundation, to the benefit of the broader area of Eastern Crete.
The Foundation, currently led by the Bishop of Ierapytna and Sitia, His Holiness, Bishop Kyrillos, a young and enlightened Bishop and the Monastery with its new Abbott Amvrosios, will see that the longstanding tradition and vision becomes fruitful and will enjoy the realization of the vision of new opportunities and general prosperity in the area.
The Foundation, not only has wide representation of the religious life of Eastern Crete, but also of the wider community of the area, for whose benefit the Foundation and its vision was created; the Mayor of Sitia, sits on the Foundation.
Following an International Tender in 1993, the Contract to develop and operate the Project was granted to Loyalward in 1998. The Company has developed its vision and nurtured the Project through many procedures, Governments and Prime Ministers, the financial crisis of 2008 (and for Greece through 2012-17), leading to unappealable outline planning consent achieved in 2016/17.
Minoan, in announcing the investment by DAGG LLP in the Company, welcomed this as the next step in its strategy for the Project and the Company – Company Announcement of 21 July 2020.
The equity and debt investment by certain existing shareholders and DAGG respectively, will help reinforce the Group’s base as it moves into the Partnership phases of the Project.