Barclay Estate CEO States £20m Bid Represents “Fraction” of Value

Kevin Delaney, CEO of Sark Developments Limited, who oversees the Barclay estate in Sark, has asserted that a recent £20m offer for the properties amounted to “a fraction” of the estate’s true worth. Mr. Delaney commended the directors of the Sark Property Company for their efforts in raising funds for the bid. However, he commented: “Perhaps, in their heart of hearts, Christopher Beaumont and Swen Lorenz, understood that they weren’t really in the swim with such a low offer”. The BBC reported in October that the £20m bid for the estate had been rejected, and in late November, the Sark Property Company announced its decision not to submit a new offer. Mr. Delaney further explained: “£20m is representative of only a fraction of the value of an estate that runs to 23% of the entire island, some 250 acres in total and encompasses several hotels, public houses, restaurants, retail outlets, some 80 residential properties and a range of development sites.” The directors of the Sark Property Company stated they would not provide further comments. Mr. Delaney indicated that while he was not actively seeking a buyer for the estate, he acknowledged that “everything has a price”. He noted that The Avenue, Sark’s main commercial thoroughfare, was expected to be almost fully occupied next year. He remarked: “The estate is organically growing now. We’re opening some of the cottages opposite the Dixcart Hotel.” The four hotels owned by the Barclay estate ceased operations in 2014. In recent years, some of the hotels and restaurants under the Barclay estate’s ownership have gradually reopened, including the Moinerie, Dixcart Hotel, and Time and Tide on The Avenue. Looking ahead to Sark’s upcoming tourist season, Mr. Delaney expressed optimism, stating the island was “on the up”. He added that the directors of the Sark Property Company “deserved credit” for their endeavors in raising money to attempt to acquire the estate. “They have done much to promote a positive image of Sark on both the national and international stage.”Their success in attracting The Prince’s Foundation to Sark in 2023 to engage with islanders showed the immense value of public consultation, something that Chief Pleas would do well to take note of and learn from.” Mr. Delaney recalled being quoted in The Financial Times in June of this year, where he stated that he found Christopher and Swen honourable, honest, and personable. He concluded: “Nothing they have done in their attempts to acquire the estate has given me cause to change this opinion.”