BBC Home > BBC News > Europe

Islands' pub sell-off completed

8 July 08 12:45 GMT

The sale of 65 pubs, two breweries and two drinks distribution firms in the Channel Islands has been completed.

The Liberation Group is the new owner of the Jersey Brewery, Victor Hugo (Jersey), Bucktrout (Guernsey) and 65 pubs in Jersey, Guernsey and Alderney.

The management buyout follows Sandpiper CI's decision to sell its hospitality division to Legal and General Ventures.

About 300 people work in the business and the Liberation Group said it had no plans to cut any jobs.

The aim was to "build stability, confidence and growth", it said.

'Important celebration'

Mark Crowther, the group's chief executive officer, said some of the managed pubs would move to tenancies, with some existing tenancies moving to longer agreements.

He said choosing a name for the group was an easy and obvious decision.

"The deal was largely worked out around the time of Liberation Day, which had an impact on some of the deadlines of the transaction," he said.

"It became difficult to even discuss the deal without mentioning Liberation Day, so it seemed natural to name the group after the Channel Islands' most important celebration."

The deal has been approved by the Jersey Competition Regulatory Authority.

Related BBC sites