Sark Electricity deal close to collapse, says firm

The Sark Electricity Limited managing director said the outcome was one of "genuine regret"

The takeover of Sark Electricity Limited (SEL) is close to collapse, according to the company's managing director.

Negotiations 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.