21 September 2006
SHETLAND DEVELOPMENT TRUST SUPPORTS SANDISONS (UNST) LTD
Shetland Development Trustees yesterday (Wednesday 20th September) agreed to provide loan assistance of £140,000 to Sandisons (Unst) Ltd as part of a shared investment proposal, which includes private and bank investment. The funds will assist with a management buyout of Skibhoul Stores’ shop and bakery, and the quarrying and contracting business, mineral rights and land known as Northside.
The businesses are part of the former business of Alexander Sandison & Sons Ltd, which has been in administration since February 2006.
Commenting on the award, Shetland Development Trust’s financial controller, Neil McDougall said: “The Trust does not normally consider providing financial assistance to purchase property to avoid offering an unfair advantage to one party over another in an open market situation. In this particular case, the businesses and property did not attract any interest on the open market when advertised for sale by the Administrator and therefore it was appropriate to assist the company as part of its wider development proposal.
“The Trust has agreed to support the project in line with its priority to strengthen rural communities, such as Unst, and protect the employment of the businesses’ 20 existing staff.
“Welcoming the award, director of Sandisons (Unst) Ltd, Penny Thomson, said: “Shetland Development Trust’s investment is a vital part of the finance for the company, which will give stability in the short term, and the opportunity to develop our businesses and to continue to provide employment in Unst. We are very grateful for their support.”
Notes to Editor
For further information about the Sandisons (Unst) Ltd please contact Director, Penny Thomson on alex.sandison@btconnect.com