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Court hears details of Tynwald Mills sale collapse

Sat, 28 Oct 2017

A Channel Islands company that tried to buy Tynwald Mills has been given the go-ahead to claim back an advance payment on the shopping complex through the Manx courts after the deal collapsed.

Sandpiper CI Retail Limited revealed that it was purchasing the complex in St John's earlier this year, but the deal fell through in April.

Sandpiper had paid an advance of £165,000, but both sides agreed the deal wouldn't be completed if the earnings before interest, tax, depreciation and amortisation was calculated to be below £600,000.

After the figure was worked out to be £585,000 the two parties initially agreed not to go ahead with the sale, before Millstreams Limited, which owns the company that runs Tynwald Mills, asked to refer the matter to an independent accountant.

As a result, the advance payment on the sale hasn't been returned to Sandpiper.

In a High Court hearing, Deemster Corlett ruled that the defence and counterclaim by Millstreams should be struck out, leaving Sandpiper to enter a summary judgment to reclaim the £165,000 owed.

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