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Sefton Group agrees sale of Sefton Hotel

Letter outlining details of sale sent to shareholders

Manx Radio understands Sefton Group has agreed to sell the Sefton Hotel for £7.6m.

A letter sent to shareholders outlines details of a freehold sale and leaseback deal with Douglas Hotel Holdings Limited.

The deal includes an initial lease term of 20 years, with a right for Sefton to extend for a further 20 years.

The initial annual rent will be £600,000, with collared increases every five years, with Sefton also having the option to rebuy the property if the new owner elects to sell.

Manx Radio has contacted the Sefton Group and is awaiting a response.

Any deal would be subject to shareholder approval.

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