Sale of Sandpiper CI completes

Tuesday 23 February 2016

The sale of Channel Islands’ retailer SandpiperCI has now been completed for an undisclosed amount.

In November, it was announced that Duke Street and Europa Capital had agreed to sell the business, which operates 55 stores across the Channel Islands and nine internationally, to a consortium.

The Channel Islands-based consortium was brought together by Ravenscroft Limited and includes Bailiwick Investments Limited, Sealyham Investments Limited and a small number of other reputable investors. The management team, led by CEO Tony O’Neill, will be investing alongside the consortium and will continue to lead the business.

"As we have demonstrated with previous transactions, Bailiwick Investments is committed to the Channel Islands and focused on strengthening our portfolio with long-established, successful local companies," said Jon Ravenscroft, Group CEO at Ravenscroft, who acts as investment manager to Bailiwick Investments.

"Sandpiper has an unrivalled reputation within the Islands’ retail industry, its stores are used by thousands of islanders every single day and it has brought some very popular High Street names to Guernsey and Jersey. It is very much business as usual and it is our aim to work alongside the management team to identify and then maximise opportunities for growth."

Sandpiper’s portfolio includes 24 convenience, grocery and forecourt retail stores which operate under the Checkers Xpress, Food Hall, Island Shopper and Wine Warehouse brands. It also holds the franchise for 11 international brands which operate from 31 outlets across the Islands including a host of well-known UK retail brands.

"This is a very exciting time for the company as there are ongoing discussions with a number of other leading brands which are keen to have a presence in the Channel Islands. We are also working with Costa to develop that brand across Spain with nine stores already open, four more to come in the next three months and a plan to open up to 75 over the next four years. Based on that success, we are now working with other franchise partners to introduce their brands into mainland Europe over the next 18 months," said Mr O’Neill.

"The energy and enthusiasm which our new owners have already shown over the past few months will be of huge benefit. The consortium brings together some incredibly successful and knowledgeable investors and that can only be a positive for Sandpiper, its loyal staff and our customers."

David Lowe, chairman of Bailiwick Investments Limited which will hold a 40% stake, said the acquisition followed a number of significant transactions by the Channel Islands-based closed-ended investment company, including the purchase of Oatlands Village, Acorn Finance and the purchase of Island Waste by Guernsey Recycling Limited. Bailiwick Investments already owns shares in Jacksons, the Channel Islands Securities Exchange, Jersey Electricity, Jersey Water and Guernsey based aviation company ASG Group.

"This acquisition continues the company’s strategy in acquiring significant stakes in well run businesses which are managed and based in the Channel Islands. Sandpiper’s success is down to every member of its team and I am confident that under local ownership, the future will bring even greater success," he said.