Important update from our CEO, Mark Cox regarding the development our Leale’s Yard site in Guernsey.

After many years of exploring options to unlock the potential of this significant site, I am pleased to let you know that we have reached an agreement for the States of Guernsey to purchase the substantive portion of Leale’s Yard for £4.5 million. Subject to final title checks, we expect the sale to complete in court on 14 August 2025.

As our Guernsey members in particular will be aware, Leale’s Yard has been part of our story for nearly 30 years. During this time, we have worked hard to find a way to progress the site in a way that benefits our members, our business, and the wider Guernsey community. The agreement we have reached will finally allow development of the site to move forward, bringing long-awaited regeneration and much-needed housing to the island.

For your Coop, this is a positive step that allows us to focus on what we do best: running our stores and serving our members and communities. The funds released from this sale will allow us to invest in enhancing our stores in Guernsey, ensuring we continue to provide a first-rate shopping experience for you, our members. We will also continue to play our part in addressing Guernsey’s housing needs by progressing development on the part of the site we are retaining, where we already have planning permission for new homes.

A significant agreement such as this does not happen without considerable effort, and I would like to take this opportunity to thank our team for their hard work and commitment in bringing this to completion.

We are proud to have found a solution that is good for your Coop, good for our members, good for the States of Guernsey, and, in the long run, will be good for the people of Guernsey.

I look forward to keeping you updated as we move towards completing this sale and as we progress with our plans to reinvest in our stores, including the exciting developments we’re planning for our supermarkets at St Martins and Nocq Road.

More details about what this transaction means for your Coop and for Guernsey can be found below.

Thank you for your continued support of our Coop.

What’s happening with Leale’s Yard?

The Channel Islands Coop, and the States of Guernsey have reached an agreement for the States of Guernsey to purchase the substantial portion of our Leale's Yard site for £4.5 million. Subject to final title enquiries, the sale is expected to complete in the court on 14 August 2025.

Why is this happening now?

At our core, we are retailers. The scale and complexity of the development of Leale’s Yard are such that we cannot manage the development of the full site on our own.

Since we first started acquiring Leale’s Yard in 1998, we have explored numerous options for the development of the site, including several different delivery models working with various partners. However, no sensible development arrangement materialised from these efforts.

Following a close in discussions with our most-recent development partner, the CI Coop and the States of Guernsey have subsequently concluded an arrangement that will finally unlock the development of the site for the good of wider Guernsey and provide us with finance to re-invest into our plans for our larger stores in the island.

What does the agreement involve?

The States of Guernsey will acquire the substantive part of the Leale’s Yard site, with us retaining a piece of land adjacent to Nocq Road that has planning approval for the development of housing.

Both the States of Guernsey and we have agreed to start the development on our respective land within 18 months of the date of purchase. We have also agreed to work together on sharing our emerging plans and the likely required infrastructure works.

As owner-developers of their site, the States of Guernsey are now free to decide how to develop it to suit the Island’s needs. We are, though, delighted that Leale’s Yard has a future that will benefit the people of Guernsey.

What will this agreement mean?

We will be able to progress with certainty on our plans for both: a) investing in our supermarkets in Guernsey, providing a first-rate shopping experience for our members and customers; and: b) the development of much-needed housing on our retained land, helping islanders in Guernsey with the provision of new homes.

How long have you been working on this deal?

We were approached by the States of Guernsey in June 2025. The deal has been discussed and agreed only in the last few weeks.

As a retail business owned by our Members, we must do what is right for our shareholders. We have found common ground with the States of Guernsey at a price that works for all parties.

We are delighted that an agreement has been reached so swiftly that delivers certainty for Guernsey and for the People’s Deputies in the new States of Deliberation.

Who benefits from the deal?

The CI Coop benefits from being able to focus on what we are good at: running retail stores and no longer will we be distracted from our vision by the continued focus on Leale’s Yard.

Our members will benefit from us realising cash for the sale of an unwanted property asset that will now be developed for housing and wider community regeneration.

The States of Guernsey acquire a significant and strategic land asset that will help deliver hundreds of new homes and employment opportunities for Guernsey.

And Islanders will benefit from finally seeing the redevelopment potential of a large parcel of redundant waste land being realised.

When should we expect more news?

The sale should complete by 14 August 2025, subject to standard title searches. We will keep Members updated on our plans for both the reinvestment of capital raised into our stores, and the development of the townhouses on our retained land.