It is being reported that The Sefton Group has bought the Gala Hilton Hotel on Douglas Promenade.

This follows a number of acquisitions and developments by the Sefton Group under Executive Chairman Graham Ferguson Lacey through both Sefton and Manx Properties, of which Mr Lacey is also Chairman.

In February, Lloyds TSB Corporate Banking provided funding to enable the purchase of 4 buildings, worth ?32 million, as part of a larger facility of ?100 million credit approved.

At the time, Mr Lacey said "we look forward to securitising our investment portfolio when we are fully invested and repeating the exercise".

The Sefton recently opened the Sefton Express Hotel opposite the Airport and have applied to increase its bedspace and install a restaurant.

And, after the closure of the Castle Mona, they bought it. Recently a deal was announced in which a firm specialising in German visitors to the island would lease the Castle Mona during TT. It is not expected to be open again by the Sefton for at least another year.

At the same time they are due to develop an entertainment complex on Walpole Avenue on a site aquired from the Corporation.