Sark property portfolio £20m deal collapses

The Sark Property Company had proposed a £20m deal to buy the portfolio

A plan to acquire a large portfolio of real estate in Sark will not go ahead after a bid of £20m was rejected.

The Sark Property Company had been attempting to purchase the portfolio of commercial and residential properties owned by a trust of the late Sir David Barclay.

The company's CEO, Swen Lorenz said: "Sadly, we were not able to agree on a price with the current owner."

He described the bid as "a fair reflection of the portfolio’s value" adding it also included "a small premium on top".

'No way to bridge the gap'

Mr Lorenz said: "The asking price of the current owner was so much higher that there was no way to bridge the gap."

Christopher Beaumont, Seigneur of Sark and director of the Sark Property Company, said: "This is not the outcome we had hoped for.

"The opportunity to secure a future for Sark, which was clearly supported by a large majority of the population, has been lost for the time being."

Mr Beaumont said the portfolio's current trustees had committed to further development of the estate.

He said: "This is a pledge that Sark desperately needs to see fulfilled.

"I, and many other Sark residents, look forward to hearing the plan and seeing the trustees make overdue improvements to their estate."