MINOAN Group saw its share price surge 18% after a challenge to its long-planned development in Crete was thrown out by a Greek court.
An appeal against the decision to include the project in the fast-track development programme had been lodged earlier this year.
Yesterday, the appeal was withdrawn after a request for a postponement of a hearing was rejected by the Plenum of Greece's Supreme Administrative Court, the Council of State.
Duncan Wilson, Minoan managing director, said: "It is really good news it has been dealt with and a pleasant surprise. We have always believed our position is solid."
It means Minoan now only has one major regulatory hurdle – the approval of an updated environmental impact report – to negotiate. Mr Wilson hopes to have the approval in the next few months, although he did not predict when shovels may start to go in the ground.
He said: "It is impossible to say [when building work will start]. We are hopeful and encouraged by what has happened and expect things to move quickly."
Mr Wilson said Minoan's merger of its high street brands this week under the Stewart Travel moniker had paid immediate dividends.
In Ayr, a King World Travel shop and Stewart Travel shop were brought together in a bigger branch. Trading on the first day at the larger location brought in £20,000 of turnover, against £8000 across the stores on the same day last year.
Shares closed the day up 1.12p at 7.25p.
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