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Government steps in to secure the future of the Sefton Group

Fri, 19 Apr 2013

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.

It has 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 its 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 over the next five years.

 

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

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