SP advised Omnibus Investment Holdings Limited on the development of Leale’s Yard, a 9 acre site in St Sampson, Guernsey. Outline planning was achieved for 314 new homes, 25,000 sf of retail and 80,000 sf of commercial offices. Equity and debt funding was obtained for a phased £135 million development of Leale’s Yard. These proposals had earlier obtained a States of Guernsey commitment to pre-purchase 90 key worker homes on the site, with an allocated £34 million of public funding. This allocation was withdrawn in April 2025 by the States of Guernsey due to its fiscal and budgetary pressures. This project has as a consequence been delayed.
SP and Interpath Advisory have been engaged by a family office client to support its Board in their negotiation with various financial stakeholders, in order to facilitate a solvent recovery plan and de-leveraging of a commercial property portfolio of c. £30 million and an insurance group. The group has a range of different stakeholders and a fairly complicated structure for its size.
SP’s Partner, Charles McHugh addressed a Corporate Bondholder EGM on 9 June when 96% of bondholders on average across three classes of bonds voted in favour of the Company’s proposal to extend the maturity on the bonds to December 2026 and convert interest to PIK, in place of cash paid interest. This reduced the group’s cash interest obligations over the next 18 months and will allow the group to de-gear and dispose of some commercial assets in an orderly way. Charles McHugh has been appointed to act as a director of the group governance board to assist in the property aspects of the plan.
The Groups secured creditor (Investec) has provided loans secured on the Group’s freehold property. Investec remains very supportive.
