Islands' pub sell-off announced

Sandpiper CI owns pubs in Jersey, Guernsey and Alderney

One of the largest companies in the Channel Islands has announced the sale of its chain of pubs.

Sandpiper CI's hospitality division and drinks distribution businesses has been bought by LGV Capital (Legal and General Ventures).

No financial details of the transaction have been released.

The sale includes 65 pubs in Jersey, Guernsey and Alderney, Jersey Brewery, and the distribution firms Victor Hugo (Jersey) and Bucktrout & Co (Guernsey).

Sandpiper CI bought the business from Channel Island Traders last year.

The benefits will be felt by all of our customers, suppliers and staff Mark Crowther, LGV

The business currently employs about 300 people and LGV's managing director, Bill Priestey, told BBC News the sale of the business would not result in job losses.

Mark Crowther, the new chief executive officer, said LGV's vision was to invest and develop the businesses.

"We are confident the business will thrive and the benefits will be felt by all of our customers, suppliers and staff," he said.

The deal is subject to the approval of the Jersey Competition Regulatory Authority.

Sandpiper CI's chief executive, Tony O'Neill, said the company would now focus and invest in its core retail businesses in the Channel Islands.

It owns a number of shops, supermarkets, hotels and restaurants.