Government steps in to secure the future of the Sefton Group
A £1.3 million loan will be given to the Sefton Group by Government as part of a financial restructuring exercise.
The loan is to assist the recovery of the group which employs 300 people in the tourism, leisure and construction sectors.
It has an annual on-island spend of £7.3 million in the economy on wages and suppliers.
The bailout will allow the Sefton Group to continue its programme of debt reduction, totalling £72 million, which has been underway since 2010.
Government will also pay the group a further £3.2 million to purchase the Middlemarch site between Walpole Avenue and Fort Street in Douglas; it will be leased back over the next five years.
The Chief Minister said the government intervention is wholly justified given their role to the wider economy.