Sefton Group records £10 million profit

The Sefton Group has defended a taxpayer funded bailout saying it’s enabled it to turnaround its financial position.

The group has recorded a £10.3 million profit for the last financial year following a restructure in April 2013.

Government handed out two cash loans, which were later deemed to be unlawful, as well as entering a land swap deal for the Middlemarch site in Douglas.

At the time it said it had to act to protect jobs and support the wider economy.

However outgoing chairman Sir Miles Walker says he feels there was a difference of opinion: