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This company is a classic example of a company run by an overbearing and all powerful Chief Executive who controlled a weak and ineffective Board, who were appointed at his personal whim and failed to stand up to him on many dubious executive decisions, their sole defence is now the business climate has changed.

Se also: M Thatcher

: A Bell

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Or: Tynwald is clearly being abused by some members who are effectively using it as a retirement fund.

In the Report ‘Government Support for the Sefton Group’ there are a number of what might be called core or central propositions which if successfully challenged render the supporting explanations stan

It is self interest, short-sightedness, poor planning, and thinking we still live in the 1950's, that has made Douglas the ever-worsening shit hole it is. People need to stand up against such iss

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I've never stayed in the Sefton. Is it any good?

Not especially. It's run on a shoestring with a skeleton staff, and it shows. On the plus side most of the staff have a rudimentary grasp of English and years ago I worked with someone who's sister had a nice meal there, so that's good too.

 

What about The Palace? It's never occured to me to ever say in a hotel in the Isle of Man.

Seen quite a few people stay at The Palace at the weekend, anniversary or birthday etc! problem is now they sell rooms cheap with breakfast & dinner and dinner included, thus dining is just chaos! breakfast they just can't cope and same with dinner, it is looking a really jaded hotel inside and out, doubt there will ever be money to spend on it sadly.

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I've never stayed in the Sefton. Is it any good?

Not especially. It's run on a shoestring with a skeleton staff, and it shows. On the plus side most of the staff have a rudimentary grasp of English and years ago I worked with someone who's sister had a nice meal there, so that's good too.

 

What about The Palace? It's never occured to me to ever say in a hotel in the Isle of Man.

Seen quite a few people stay at The Palace at the weekend, anniversary or birthday etc! problem is now they sell rooms cheap with breakfast & dinner and dinner included, thus dining is just chaos! breakfast they just can't cope and same with dinner, it is looking a really jaded hotel inside and out, doubt there will ever be money to spend on it sadly.

 

Thats not how I understood what Sir Miles Walker said on MTV, he said they were going to start spending on their hotels straight after TT week. I think about 1.5 million, that will go a long way in the public areas of the Palace.

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I've never stayed in the Sefton. Is it any good?

Not especially. It's run on a shoestring with a skeleton staff, and it shows. On the plus side most of the staff have a rudimentary grasp of English and years ago I worked with someone who's sister had a nice meal there, so that's good too.

 

What about The Palace? It's never occured to me to ever say in a hotel in the Isle of Man.

Seen quite a few people stay at The Palace at the weekend, anniversary or birthday etc! problem is now they sell rooms cheap with breakfast & dinner and dinner included, thus dining is just chaos! breakfast they just can't cope and same with dinner, it is looking a really jaded hotel inside and out, doubt there will ever be money to spend on it sadly.

But that's what the funds from IOMG are for.... if you listen to the Chairman of the Sefton Group on MTTV he says so... it's not about saving jobs at all... it's about getting cheap money to do up the Palace Hotel

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Makes you wonder exactly what those "dire" consequences would have been....just how much bad news is buried in the spin!

 

We might have been able to buy the rubble car park for a bit less than 3 mil in the fire sale...

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"Mr Bell defended the government’s decision to step in – warning of dire consequences should the firm fail."

 

Makes you wonder exactly what those "dire" consequences would have been....just how much bad news is buried in the spin!

 

Seriously, you should be able to work this out. Now is exactly the wrong time for a company this big to fail. The wrong time of the year, the wrong time in the company's receovery.

 

Despite possibly being illegal, I believe this is the correct action for the IOM.

 

There is no way an administrator would have quickly disposed of the profitable parts of the business - who would buy? Think also about many local companies who would go bust were the Sefton group to fold.

 

ETA: Administrators don't come cheap - the cost of winding up the Sefton group would be 1 million+.

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"Mr Bell defended the government’s decision to step in – warning of dire consequences should the firm fail."

 

Makes you wonder exactly what those "dire" consequences would have been....just how much bad news is buried in the spin!

 

Seriously, you should be able to work this out. Now is exactly the wrong time for a company this big to fail. The wrong time of the year, the wrong time in the company's receovery.

 

Despite possibly being illegal, I believe this is the correct action for the IOM.

 

There is no way an administrator would have quickly disposed of the profitable parts of the business - who would buy? Think also about many local companies who would go bust were the Sefton group to fold.

 

ETA: Administrators don't come cheap - the cost of winding up the Sefton group would be 1 million+.

 

Sure but competition in business is natural selection at work. Unfortunately IOMG have now handed Sefton an unfair advantage over the opposition. In fact it could be said that IOMG are now artificially keeping Sefton afloat. And unless there is a major upturn in their operation it's just delaying the inevitable.

 

Incidentally AB et al do know that there's no such thing as "Bank of Tynwald" don't they?

 

Just public money, which probably isn't....

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Sure but competition in business is natural selection at work. Unfortunately IOMG have now handed Sefton an unfair advantage over the opposition. In fact it could be said that IOMG are now artificially keeping Sefton afloat. And unless there is a major upturn in their operation it's just delaying the inevitable.

 

Do we know that for sure? Has there been any details, eg the interest rate on the loan, or the market value of the site?

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If - for example the Marriott Group applied to build a new hotel on the IOM - would they be less likely or more likely to get permission now that the IOM Govt has a financial interest in the Sefton?

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Bell's really panicking isn't he?

 

Chief Minister Allan Bell says those behind bad management decisions at the Sefton Group should resign.

 

In the House of Keys this morning, he faced fierce questioning from MHKs over a £4.5 million government bailout of the company.

Mr Bell defended the government’s decision to step in – warning of dire consequences should the firm fail.

 

But he told MHKs he agreed with calls for those at the head of the company to step down:

If you listen to the Related Audio Clip, he claims there was little they could do the impose conditions on a public company, but of course they could have just refused to put any money in if they didn't get their way. Bell and co clearly expected to be hailed as saviours of a much-loved Manx institution and were completely unprepared for the reaction since Friday. Once again it shows how out of touch the leadership in the Island is.

Still I'm sure they'll reassure themselves that it's only a few ill-informed malcontents on the "the Forums" and the rest of the Island is in awe of their financial skills and knowledge.

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I'm wondering if some of the other prominent hotel and business owners on the island can't find a nice legal angle to take the Tangerine Emperor and Shifty Eddie to task over this. You know, the one we can't speak about and that German one. Both have enough money and legal oomph to make AB sweat.

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I'm wondering if some of the other prominent hotel and business owners on the island can't find a nice legal angle to take the Tangerine Emperor and Shifty Eddie to task over this. You know, the one we can't speak about and that German one. Both have enough money and legal oomph to make AB sweat.

 

I was wondering how and where. Would it be London?

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Do we know that for sure? Has there been any details, eg the interest rate on the loan, or the market value of the site?

 

 

I am presuming that IOMG is their bank of last resort i.e. the commercial boys were no longer prepared to extend their line of credit. Also be aware that when looking at the viability for a credit line they would have taken into account the next six months (probably) profit outlook which would have been Sefton's most bankable time of the year.

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