The Manx government is to plough £4.5 million into the struggling Sefton Group.
It’s to loan the organisation £1.3 million, repayable after five years, to help reduce its debt.
And it’s also buying the Middlemarch site in Lower Douglas for £3.2 million, which will be immediately leased back to the group as it tries to restructure.
The Sefton Group employs 300 people in the Island’s tourism, leisure and construction sectors and Chief Minister Allan Bell says, while he expects government to be criticised over the deal, he insists the alternative was unpalatable.
Ministers raised doubts about 'long-term suitability' of Manxman
Samaritans prepare to welcome Sid as 300-mile challenge concludes
Maritime operation will 'map, exploit and dismantle' illicit networks
Yellow weather warning as spring tides and strong winds combine