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Focklaghyn-naight

Media Update - 28 November 2001

Isle of Man International Business School
Purchases the Nunnery Estate

All those involved with the International Business School - staff, students, Directors, Governors and well wishers both on and off-Island - are pleased to report that after a lengthy period of negotiation their purchase of The Nunnery is now complete.

The IBS can now look forward to a secure future and continue to develop its provision of Higher Education on the Island - spearheading plans for the establishment of a University of Mann.

The whole of The Nunnery Estate has been purchased from The Nunnery Limited, a company owned by Mr Graham Ferguson Lacey, for £5.5 million. The estate includes the Nunnery Mansion House, lodges, chapel, stable block, surrounding parkland and fields, totalling just over 50 acres.

Professor Roger Carey, Director of the International Business School, commented, "I would like to thank all of our supporters who have worked very hard to bring negotiations to this conclusion. The Nunnery is a very special and prestigious location for the International Business School. It mirrors our values of quality and excellence and projects the image of a serious academic institution. This is the perfect environment for a Higher Education institution and an investment in the future of the Isle of Man. We can now look to the future from a secure base and continue to build our reputation, both on and off-Island."

Graham Ferguson Lacey has also expressed his pleasure that the International Business School's long term future at The Nunnery is now assured.

 

EDITORIAL NOTES

NEGOTIATIONS & FUNDING
The International Business School's Board of Directors selected independent firms to value the estate and negotiate the purchase on their behalf. Successful negotiations resulted in a substantial reduction of the original asking price for the estate. 

The Board also investigated the purchase of alternative premises and made thorough contingency plans. The upheaval of a move to new premises would have incurred additional costs for removal and considerable disruption to the International Business School.

The funding for the purchase has been provided by the private sector. As a result of a tendering process, HSBC were selected to provide the capital funds. The loan is guaranteed by the Isle of Man Government. 

Full details and recommendations were submitted by the Board of Directors to the Council of Ministers who gave final approval of support for the purchase. The Treasury holds a debenture from the International Business School, which give ultimate control over assets. The Government's advocates were wholly satisfied with this arrangement. 

The whole process of negotiation and purchase has been carried out in a transparent manner to ensure best value for money was achieved.

CAPITAL RECOVERY
It is expected that parcels of the estate not required for use by the International Business School will be sold on to other government departments. Further reviews of the International Business School's business plans will identify areas of the estate that can be resold to recover portions of the capital outlay.

BOARD OF DIRECTORS
The Board of Directors consists of eight eminent respected and experienced individuals from within both the Isle of Man Government and the private sector. 

IBS STATUS
Established in the summer of 1999, the IBS is an example of constructive public / private sector partnership. Formally, the IBS is a private company, limited by guarantee and registered as a charity. This means that although supported by both the Isle of Man Government and the private sector it will remain a respected independent centre of teaching and research. 

BENEFITS / FUTURE PLANS FOR DEVELOPMENT
The facilities and The Nunnery's unique ambience enable undergraduate and postgraduate students to focus their attention completely on their goals. Organisations from the public and private sector also utilise the building for business meetings, in-house training and presentations.

The IBS will now seek to gain further sponsorship for a range of activities and parts of the 'real estate'. Professor Carey explained, 'We couldn't actively promote sponsorship for facilities when we were simply seen as tenants of a building on a short-term lease. Now that we are the owners, we can reassure our sponsors and stakeholders that we are here to stay. As well as sponsorship for facilities, we want to bring world-renowned figures to the Island; to carry out research and publish the results; to develop a truly cosmopolitan student body by offering scholarships and bursaries. Sponsors can contribute to the development of a forward looking and innovative institution, which will help to place the Isle of Man at the forefront of offshore business education. 
We also want other groups in the community to benefit from our acquisition. We will be looking for creative ways to give the people of the Isle of Man the opportunity to come to the International Business School, maybe for cultural events like art exhibitions."

THE NUNNERY - BRIEF HISTORY
The Nunnery Mansion House lay empty for many years before the International Business School's refurbishment brought the building back to life. The 3-year lease with previous owner, The Nunnery Limited, was signed in December 1999. The IBS carefully refurbished the building to ensure that it retained its original features.

Renowned as one of the Island's finest buildings, The Nunnery was built in 1823 as the home of the Goldie-Taubman family who lived there for many generations. Previous owners also include millionaire Robert Sangster who lived there with his familly in the 70's and 80's and also based his horse racing business at the site. More recently, it was used as a film location for movies including Relative Values, Cinderella and Best.

The Nunnery Estate has a fascinating history that goes back hundreds of years further. The Chronicle of Man records a visit by Robert the Bruce in May 1313 who stayed over night on his way to besiege Castle Rushen. Later the Heywood family, whose son Peter was famously a midshipman in the Mutiny of the Bounty, lived in a house on the site.