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.