£8m. subsidy request is false - Co-op

Thursday 25 July 2019

Reports that the Co-op has approached the States for £8m. of public money to progress its Leale's Yard development have been dismissed by the co-operative society, who remain in "confidential talks" with government.

Deputy Neil Inder had slammed the Co-op in last week's States debate.

During that debate, Guernsey's government agreed to investigate ways to help kickstart the much-delayed development, which has been at a standstill for a number of years.

It was suggested that the Co-op had asked the States for £8million., however Chief Development Officer Jim Plumley said "we do not recognise the figures or details that were published in the media by Deputy Inder."

"The Society has been discussing, in confidence, ideas for the development of Leale’s Yard with the States of Guernsey for the past ten months," he said. 

Deputy Neil Inder has said the States should not entertain bailing the Co-op out by pursuing "another dream, another nightmare". 

"We have a policy of not discussing ongoing commercially sensitive and confidential matters in the public domain so unfortunately are not in a position to discuss these ideas in detail. 

"The Co-op remains committed to the regeneration and development of The Bridge area and a number of positive ideas have been exchanged that would achieve this objective, however no firm decisions have been made on the future of the site."

Mr Plumley was confident that, when "the right plans for the island are decided and agreed, the development will bring substantial benefits to the area."

"As a community retailer, we take our responsibilities for protecting our members’ interests, as well as preserving and championing the community, very seriously. We are conscious of our obligations to our community in The Bridge area and will continue to work with the States of Guernsey to find the right solution for Leale’s Yard."

Policy & Resources Committee Member Jonathan Le Tocq said he was  conscious of the concerns raised by some Deputies during the States debate, and the Committee is listening.

Policy & Resources is in discussion with the Co-op about Leale's Yard.

If any significant sums of public money are needed to realise the site’s potential, he said the proposals and attached costs would be made public and that States Members would have the opportunity to fully debate them.

"It is disappointing that there has not been progress in developing Leale’s Yard so far, but the potential for the site remains," he said. "If supported properly, and proportionately, there may be a real opportunity to finally transform the site into something that can help regenerate the wider Bridge area, supporting businesses there and improving the quality of life for local residents.

"We should not be too hasty to dismiss that opportunity without fully exploring the options. Any dialogue with any interested parties to examine alternatives will rightly need to be undertaken in a professional manner respecting normal commercial confidences."

Pictured top: An artist's impression from 2016 of what the Bridge could look like following the Leale's Yard development.