Two landmark buildings in Douglas are effectively up for sale, according to the chairman of the Sefton Group.
Yesterday, Sir Miles Walker gave evidence to Tynwald’s Economic Policy Review Committee, facing questions about the government’s £4.5 million bailout of his company.
He explained how former executive chairman Graham Ferguson Lacey had put the group in debt buying properties such as the Crescent nightclub and the Castle Mona Hotel.
And when pressed by committee member Dudley Butt MLC, he said both buildings could be sold to an interested buyer.
Jason Roberts reports.
Sir Miles told the committee there were no firm plans to sell either the nightclub or the Castle Mona Hotel, which has been closed for some years.
But he said neither formed part of the group’s plans into the future – and would be sold if a good enough offer was made.
In the case of the historic Castle Mona Hotel, he said he shared people’s sadness that such a grand building had closed.
But he said he didn’t think the market could sustain another luxury upmarket hotel.