Years of losses take Sark’s lifeline link to crisis point

Years of losses take Sark’s lifeline link to crisis point



By Nigel Baudains






Sark Venture pulls out of Creux Harbour while work is in progress at Maseline. Isle of Sark Shipping’s financial position is critical, say its directors.
In a report to Chief Pleas’ Shipping Committee, they said the company had been losing £2,000 per week on a trading basis for at least two years and probably for longer.
Chief Pleas is currently guaranteeing £1.25m. of debt and a further £640,000 in loans takes the financial commitment to £1.89m.
The committee will take six propositions to Chief Pleas on 21 January, based on the directors’ information.
Committee chairman Tony Le Lievre said that while the company was experiencing difficult times and needed some serious rethinking, it was getting the latter from newly-elected directors, Robert Taylour and Julie Mann.
‘I’m as confident as I can be that if we get the backing of Chief Pleas, there won’t be a problem,’ he said. ‘The Shipping Committee recommended that the directors did a report, so we will go along with what they are trying to do.’ (from thisisguernsey)