A GROUP of super-rich Channel Island businessmen – including multi-millionaire Tom Scott – is offering to fund major public capital projects in Jersey and Guernsey.
They have formed Bailiwick Investments, which has already raised £26.6m from private investors.
And they say that they intend to make cash available for projects when the flow of funds from traditional City sources has all but dried up.
However, Treasury Minister Philip Ozouf signalled that he would not be interested in any such deal. ‘The States of Jersey has no plans to borrow money in the foreseeable future,’ he said. ‘They are paid for out of the existing balance of funds.’
Jersey currently has £120 million in its stabilisation fund and more than £600 million in the Strategic Reserve or rainy day fund. Senator Ozouf pointed out that Jersey was funding the £100-plus million incinerator from existing cash balances.
In addition to Mr Scott, the group includes his son, Tom Scott Jnr; the chairman of Jersey Telecom and the former chief executive of Channel Television, John Henwood; the co-founder of Collins Stewart in the Channel Islands, John Ravenscroft; Guernsey Jurat David Lowe; Peter Tom, the former chief executive of Aggregate Industries (which owns Ronez) and the chairman of Leicester Tigers Rugby Club; and Mel Carvill, the deputy general manager of Assicurazoni Generali, one of the biggest insurance companies in the world.
Pictured: Bailiwick Investments: Back row, left to right – Darren Stephens, Peter Tom, Jon Ravenscroft, Tom Scott and Tom Scott Jnr. Front row – David Chan, David Lowe and Mark Bousfield
