The Minoan Group has moved a step closer to creating a hotel and leisure development in Crete.

In a statement, the Glasgow-based firm has said it had received approval from the Greek Ministry of Culture regarding its strategic environmental assessment for the €250m scheme.

It is understood Minoan is now waiting for a presidential decree which will allow the construction work to begin.

The development, located at Cavo Sidero, will include a hotel and leisure development, plus a gold course.

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A spokesperson for the company said: "Minoan Group is hopeful that the presidential decree will come through before the end of July. There is, of course, never any guarantee on timing in planning matters.

"If the presidential decree does come through before the end of July, it is entirely possible that construction could begin as early as the end of this year or early 2015.

"Minoan has various options going forward on the financing aspects, including financing the construction itself or through partnerships, but nothing is currently being considered.

"Minoan has no intention of selling the project outright but may consider monetising parts of the project - but to clarify, nothing is currently being considered nor planned in this respect.

"We are focused for now on the planning process."

(JP/CD)