Latest news with #SarkElectricityLimited
BBC News
17-06-2025
- Business
- BBC News
Sark Electricity takeover close to collapse, says firm's boss
The takeover of Sark Electricity Limited (SEL) is close to collapse, according to the company's managing have been taking place since May, between Sark's electricity company and Island Power, which agreed a £2.4m takeover. A spokesperson for Island Power said the company had been having "constructive dialogue" about a public/private partnership model. Alan Witney-Price of SEL, released a public statement on Monday however, which claimed an agreement to finalise the sale had still not been reached. Mr Witney-Price said: "It is with genuine regret that SEL must today announce that Island Power has determined not to complete the sale and purchase agreement to finalise the sale of SEL. "This is a formal component of the sale process which comes only 17 days from final completion."The BBC has approached Sark's Chief Pleas for comment.
BBC News
01-05-2025
- Business
- BBC News
States approves idea of loan to buy Sark electricity firm
Sark's government could receive up to £1.5m in a loan from the States of Guernsey, politicians have Chief Pleas requested the money to purchase Sark Electricity Limited (SEL) and bring the island's only electricity supplier into public States voted for the plans by an overwhelming majority. Vice President of Policy and Resources Heidi Soulsby said: "We believed we had a moral obligation to support our sister island on such an important matter for them." Deputy Soulsby added: "It will be for Sark to agree the terms as set out."Chief Pleas previously wrote to Guernsey's Policy and Resources Committee requesting the loan to purchase States proposed conditions for the loan which included import duties on alcohol, fuel and tobacco being used as a security guarantee in the event of said: "We needed to ensure we did not put Guernsey taxpayers' money at risk and so the loan facility comes with conditions."These include Sark's participation in the Bailiwick Commission to look at our constitutional relationship and its commitment to a full review of its taxation system to ensure financial stability."An interim report is due to return to the States by the end of the year.
