Cretan King Minos, after which the Minoan Bronze Age civilisation was named, kept a ferocious Minotaur in his labyrinth. Whether Christopher Egleton, chairman of AIM-listed resort developer Minoan Group and fighting a mazy legal battle against fierce opposition to his plans for the Mediterranean island, can follow the heroic path of Theseus and slay the Minotaur should be discovered by March.

‘We’re now in the end-game,’ assures Egleton. Despite Government approval, an appeal has been launched based on environmental, planning and water issues. ‘But this is the Government’s flagship project,’ he boasts. ‘What chance is there that the appeal will be successful?

‘The local Cretan farmers were told we’d take all their water but we’ve got a desalination plant that would provide all of our needs. Plus, this is a very environmentally friendly site – we’re using endemic species of plants and even bringing back wildlife to the area!’

For the development of some hotels and five ‘villages’, a first joint venture deal has already been struck with Kempinski hotels group and other potential partners are talking. If the appeal goes through, the land on its own, Egleton says, will be worth £115 million, with the company’s current valuation less than a third of the present 68p.