Bailiwick Investments Acquires 49% interest in Prospero

Tuesday 16 August 2016

Bailiwick Investments Limited has made its first acquisition outside of the Channel Islands with the acquisition of a 49% interest in facilities maintenance provider Prospero.

Established in 2004 in the Isle of Man, Prospero Holdings Limited has expanded into Guernsey and Jersey and offers a wide range of services including the installation and maintenance of air conditioning, access control and CCTV as well as office refurbishment and business relocation. It employs more than 70 staff.

James Pettigrew, Prospero’s Managing Director, said he was delighted that Bailiwick Investments Limited had recognised the potential of the group.

“I’m very excited about what the future holds for the company and our staff. This gives us a huge springboard to enhance our offering across the Channel Islands and the Isle of Man and will provide many opportunities for further growth,” he said. 

“Bailiwick Investments is a perfect fit for us and I’m sure some very exciting times lie ahead.”

Bailiwick Investments, which is a Channel Islands-based closed-ended investment company, has been involved with a number of high profile acquisitions and took a 40% stake in SandpiperCI earlier this year. It has also been involved with purchase of Oatlands Village, Acorn Finance, MitonOptimal and owns shares in Jacksons, the Channel Islands Securities Exchange, Jersey Electricity, Jersey Water, Guernsey based aviation company ASG Group as well Guernsey Recycling Group.

Gary Drinkwater from Ravenscroft Limited, which acts as Investment Manager of Bailiwick Investments, will join Prospero’s board as a non-executive director.

He said: “We have been in discussions with James for quite some time and are delighted to be adding Prospero to Bailiwick Investment Limited’s portfolio of investments. We see a number of growth opportunities for the business across the three islands and I am looking forward to working with the management team to continue the success of Prospero.”