Government come to aid of Sefton Group with cash injection

A £1.3 million loan will be given to the Sefton Group by Government as part of a financial restructuring exercise.

 

The loan is to assist the recovery of the group which employs 300 people in the tourism, leisure and construction sectors.

They have an annual on island spend of £7.3 million in the economy on wages and suppliers.

The bailout will allow the Sefton Group to continue their comprehensive programme of debt reduction, totalling £72 million, which has been underway since 2010.

Government will also pay the group a further £3.2 million to purchase the Middlemarch site between Walpole Avenue and Fort Street in Douglas; it will be leased back to them over the next five years.

The Chief Minister said the government intervention is wholly justified given their role to the wider economy.