Government had no desire to become Sefton shareholder

Thu, 23 May 2013

Government has never had a desire to become a shareholder in the Sefton Group.

That’s according to Treasury Minister Eddie Teare who was asked in Tynwald this week why shares hadn’t been taken out.

Defending the decision Mr Teare said he could only imagine the ‘furore’ it would have caused if government had purchased shares and said it was ‘somewhat rich’ that the question was being asked.

He said the £4.5 million bailout package was only designed to enable the group to meet short to medium term cash flow difficulties in order to secure the business for the long-term.