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Sefton Group


cheeky boy
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  • 6 months later...

From Manx Radio:

 

 

Government ploughs £4.5 million into Sefton Group

 

The Manx government is to plough £4.5 million into the struggling Sefton Group.

 

It’s to loan the organisation £1.3 million, repayable after five years, to help reduce its debt.

 

And it’s also buying the Middlemarch site in Lower Douglas for £3.2 million, which will be immediately leased back to the group as it tries to restructure.

 

The Sefton Group employs 300 people in the Island’s tourism, leisure and construction sectors and Chief Minister Allan Bell says, while he expects government to be criticised over the deal, he insists the alternative was unpalatable.

 

Of course this is in addition to the guarantee to allow them to refurbish the Castle Mona at taxpayers' expense for the mythical IT college - or have they lost all hope of drumming up even a token amount of outside money for that to justify doing so? And just like that situation, no Tynwald approval has been sought to lash out with more money from the reserves.

 

Incidentally if the Manx Government is now the effective owner of the Middlemarch site (not to mention the soon to be redundant police station) won't that have interesting implications for planning permission.

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That's 300 jobs they are talking about - would you rather it was left to go under? It's a loan. IOM Government has done it before with other big employers who were a bit shaky. The Sefton Group made some really bad investments - but the core business is sound. The place would be a lot poorer without a decent hotel - and frankly we could do with another decent hotel in addition, the 4 star on Lord Street would have been great. We struggle to find places to put business visitors to stay to give them a good impression - if the Sefton went it would be a 'bad thing' for the IOM.

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