The board of the Sefton Group says it is to carry out 'a wide ranging review of corporate strategy'.

It follows the ending of negotiations with government over the possible leasing of the former Summerland site for the Wave development, and the chief minister's 'VAT bombshell' statement to Tynwald and the economic outlook for the Island.

The Sefton Group says it is a matter of 'genuine disappointment' that the considerable resources and effort it put into the Wave project have failed to achieve an agreement.

It says that, since its interim statement in July, and based on third quarter results to September 30, the Group's financial statement has continued to grow from strenth to strength.

This, it says, has been due to 'significant investment' made in core facilities such as the recently opened Sefton Suites, and the ability and dedication of the management and staff.

The board is therefore cautiously optimistic the Group will end the year with another set of record results and a pre-tax profit well ahead of budgeted expectation.

A statement ends by saying the Sefton Group is determined to carry on its positive financial performance in the future, and the strategy review will be aimed at ensuring that is what happens.