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The last traces of the billionaire Barclay Brothers’ influence on Sark could soon be wiped away, with a £60m bid to take over their extensive estate on the tiny island due for sign-off as early as next week.
The Financial Times and Sunday Times reported over the weekend that the company, which is made up of the Seigneur Christopher Beaumont and German-entrepreneur Swen Lorenz, is planning to approve the bid to Alistair Barclay, heir of the late Sir David Barclay, on 24 June.
A board meeting has been set for that day to sign off the eight-figure sum.
Around half of the cash would be used to buy up the estate, which was gradually acquired by the Barclay brothers from 2007 onwards, with the remainder investing into upgrading the property portfolio.
If successful, the Company would acquire just under a quarter of all the property in the island including four hotels, dozens of homes and 20 commercial units.
Both papers revealed that the key investor in the initial bid is Puerto-Rico based hedge fund manager Harris Kupperman who has a history investing in uranium, oil, and the digital currency bitcoin. He’s understood to be fronting up several million.
Pictured: Christopher Beaumont and Swen Lorenz.
The Company is running months behind a schedule it presented to the Sark Chamber of Commerce last spring, and revealed in November it was preparing a cash bid for the properties, along with plans to go public on the London Stock Exchange.
It plans to hand shares to "bona fide" Sark residents so they have a stake in the project.
It’s hoped the value of shares – or market cap – could top £200m if a London listing is achieved and would make it one of the largest listings on the exchange in recent years, the Financial Times reported.
The Sunday Times said the Company would use the additional cash raised to invest in infrastructure, from renewable energy projects, sea links, affordable housing and improving border security and vetting services.
They told Express last year that it would also look to create a mortgage offering and develop a decade-spanning plan for Sark's future.
Mr Lorenz also told the paper he would leave the role of CEO after two years.
The Seigneur was highly critical of the island's government – Chief Pleas – saying affairs would be better managed by a “pseudo-corporate entity” or a “not for profit community interest company”.
Regarding the Conseillers on the island, he said: “They simply do not have the experience, the education, the knowledge that you need to do the job we require them to do as a government."
Estate agents Knight Frank have been instructed to execute the sale of the Barclays estate, while Savills Guernsey are assisting Sark Property Company.
The Company paid for the visit of The Prince’s Foundation last year which conducted a community feedback exercise delving into the desires and concerns of residents.
In a report it said the island’s population could be increased but would demand significant infrastructure investment, while criticising Chief Pleas for being ineffective and untrustworthy.
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