Government loan liability to transfer to new owners
The Department for Enterprise has confirmed it's consented to Sefton Group's loan being transferred to the new owners of the Sefton Hotel.
A letter sent to shareholders outlines details of the agreed sale of the premises for £7.6m to Douglas Hotel Holdings Limited.
In a statement to Manx Radio, the Department says it's given permission for the loan liability to be moved to the new owner.
The hotel received a grant around 10 years ago for the development of tourism premises.
Enterprise Minister Laurence Skelly welcomed the news: