Sefton Group

[NoTail]

 

From MR: Rival hotel: 'We'd have saved Sefton'

 

"Mr Wilson says Sleepwell could have guaranteed the jobs of the 300 employed by the Sefton Group, without government becoming involved - but they weren't approached despite having previously stated their interest..."

 

So it appears there may have been a non-public monies route?

If he can confirm his offer made in writing then in any 'civilised' system of government AB would be out.

They would have made their offer to the Sefton, not the Government. AB would not necessarily know about the offer. Sefton management certainly would rather be bailed out and than be thrown out.

[GD4ELI]

According to MR (I think) he was in contact with government officials.

[Torry loon]

I always thought Sam Alder, chartered accountant with more than thirty years' experience as a skilled entrepreneur in media and entertainment and director of Sefton Hotel plc was a bit of an expert in business turnarounds. Hmmmm.

 

Oh, and he is also chairman and owner of The Athol Media Co Plc (3FM).

 

Could be another Government handout on its way for that venture too, if 3FM get their way?

[Torry loon]

Should have got these people in to sort out the Sefton 20:20

[Lxxx]

From MR: Rival hotel: 'We'd have saved Sefton'

 

"Mr Wilson says Sleepwell could have guaranteed the jobs of the 300 employed by the Sefton Group, without government becoming involved - but they weren't approached despite having previously stated their interest..."

 

So it appears there may have been a non-public monies route?

This could (and should) get interesting.

[Shake me up Judy]

Isn't there also a sense here in which Bell's real power and authority comes from looking after people like the Sefton Group, and had he and Teare not done so then their leadership would no longer have the backing and support of the Big Boys club. In throwing the lifeline of taxpayers money to the shareholders, aren't they merely fulfilling the 'real' business of IOM Government ? I also wonder if the Sefton Group's share price and reckless investment portfolio of recent years was partly underpinned by the knowledge or assumed understanding of a government safety net come a rainy day ? Of course what neither party anticipated was the Great Flood.

 

Can I also add my agreement with H-Boy's very perceptive post a few pages ago.

[Roger Mexico]

Isn't there also a sense here in which Bell's real power and authority comes from looking after people like the Sefton Group, and had he and Teare not done so then their leadership would no longer have the backing and support of the Big Boys club. In throwing the lifeline of taxpayers money to the shareholders, aren't they merely fulfilling the 'real' business of IOM Government ? I also wonder if the Sefton Group's share price and reckless investment portfolio of recent years was partly underpinned by the knowledge or assumed understanding of a government safety net come a rainy day ? Of course what neither party anticipated was the Great Flood.

 

Well Bell's real power and authority should really be coming from people like us, ie the voters. There certainly may be a Big Boys club (with many of them sitting on the Board of the Sefton at various times), but I don't think they control who the CM is, with a mysterious Chief Goatshagger issuing orders from a secret lair under Snaefell. Whatever you can say about the current members of Tynwald, few of them fit the traditional Manx Mafia profile - only Cannan, Christian and perhaps Turner. I'm not sure there's even the influence there might once have been in the upper reaches of the civil service.

 

But of course that doesn't mean that Bell and co might not still act as if the Big Boys do have that sort of influence. Not least because Bell and co have very little real idea of what to do and so will fall victim to any idea, no matter how daft. that is put before them if they are told it will make their life easier. Especially if those ideas come from a 'trusted' source.

 

I rather doubt that the Sefton Group's fecklessness over the last few years was supported by the belief that, like some spoilt rich kid, they could always run off to Daddy Government to sort out their problems, though it's possible that some Board members felt that they could always rely on their friends to help out. Most of the problems seem to have been due to Graham Ferguson Lacey behaving in the way that he always had with inevitable consequences after he took over in 2005.

 

None of those involved should have been surprised - especially Chris Robertshaw who actually sold him the shares that gave him effective control. GFL's history both on the Island and off was well-known (and perhaps keeping the on-Island stuff quiet is another motivation floating around). No doubt those who acted as his enablers felt that, even if it was all a bit dodgy, they personally would be able to make a big profit and walk away - the rationale of con-artists 'marks' throughout history. What happened wasn't an unforeseeable "Great Flood", but something that happened with the inevitability of the tide coming in.

 

A number of people on here have expressed the understandable belief (or at least hope) that Bell must surely have had some sort of cunning plan. I don't think it's any more than hanging on until you can escape with your pension.

[Andy Onchan]

I always thought Sam Alder, chartered accountant with more than thirty years' experience as a skilled entrepreneur in media and entertainment and director of Sefton Hotel plc was a bit of an expert in business turnarounds. Hmmmm.

 

Oh, and he is also chairman and owner of The Athol Media Co Plc (3FM).

 

Could be another Government handout on its way for that venture too, if 3FM get their way?

And one time Chairman(?) of the Arts Council and a couple of other august IOMG quangos I believe.

[cabbyl ushtey]

If you were going to the Roamin Comin meeting tonight, and I hope lots of people do, what questions would you put to AB and ET?

[Donald Trumps]

Why are you still here?

[NoTail]

If you were going to the Roamin Comin meeting tonight, and I hope lots of people do, what questions would you put to AB and ET?

What are you going to do when the Steamy rings you up to tell you they are closing down?

[guilty]

A number of people on here have expressed the understandable belief (or at least hope) that Bell must surely have had some sort of cunning plan. I don't think it's any more than hanging on until you can escape with your pension.

 

"Many journalists have fallen for the conspiracy theory of government. I do assure you that they would produce more accurate work if they adhered to the cock-up theory."

—Sir Bernard Ingham

[loaf]

Yeah, never attribute to malice...

[orbit]

 

A number of people on here have expressed the understandable belief (or at least hope) that Bell must surely have had some sort of cunning plan. I don't think it's any more than hanging on until you can escape with your pension.

 

"Many journalists have fallen for the conspiracy theory of government. I do assure you that they would produce more accurate work if they adhered to the cock-up theory."

—Sir Bernard Ingham

 

Is that based on who has had their cock up who?

Edited April 24, 2013 by orbit

[newsnight]

http://www.manxradio.com/newsread.aspx?id=64888

 

The controversial government bailout of the Sefton Group has won strong support from the largest organisation representing business in the Island, the Chamber of Commerce.

 

The chamber's issued a statement describing the £4.5 million deal as a 'bold' move which demonstrates a 'holistic' understanding of the Manx economy.

 

It backs the use of public money to help the Sefton group survive on the basis it directly employs 300 people and contributes more than £7 million to the Manx economy.

 

Chief executive Jane Dellar adds the 'significant number' of small businesses supplying goods and services to the group are also a vital part of the economy and could have faced bankruptcy had the group failed, sending substantially greater numbers of people to sign-on unemployed and claim state benefits.

 

Ms Dellar challenges the view that a receiver could have found new owners to take the business on; she says while the core hotel business might prove attractive, cherry-picking would likely prove not in the best interests of the Isle of Man long-term.

The chamber's statement concludes by pointing out that the government isn't 'simply giving' money to the Sefton Group but is making a fully-repayable business loan and in purchasing the Middlemarch site on Lord Street in Douglas, has secured a prime piece of land in the town centre for government

 

 

 

http://www.gov.im/lib/docs/iomfinance/pressreleases/janedellar.pdf

 

20th November 2002
INTERNATIONAL SERVICES DIVISION APPOINTMENT OF JANE DELLAR
The Civil Service Commission has announced that Jane Dellar has been appointed Head of
International Services Division at the Treasury. The post was vacated by the retirement of
Michael Gates at the end of last month.

Ms Dellar's career has been spent working largely for financial institutions, the last seven years
offshore in Jersey and the Caribbean, moving to the Isle of Man two years ago to establish BPP
Offshore's operation. Over her twenty-five year career, Ms Dellar has worked mainly in sales
and marketing, compliance and training.

“I am delighted to join the Treasury at this very exciting time” said Ms Dellar. She
added: “With the Economic Strategy being announced by the Treasury early next year,
we will have a clear economic direction on which to base future marketing plans and we
have a very strong team in International Services to implement those plans.”

International Services' activities include the targeting of new organisations, support of existing
businesses, identifying marketing opportunities and initiating and co-ordinating promotions to
raise awareness and improve perceptions of the Island.

Treasury Minister, Allan Bell, added:
“I am pleased by Jane's appointment. We face many challenges and opportunities in the
forthcoming years and I'm sure Jane will make.

 

So obviously a totally impartial opinion from Ms Dellar and one that has not been promoted in any way by her past Government association.