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IoD economic lead sees growing confidence in future

A man with his finger on the island’s economic pulse has said that recent activity in the economy looks like it is representing ‘a quiet shift in sentiment’.

The purchase of the Duke of Richmond signals likely financial input into both that hotel and another Town hotel, the Old Government House.
The purchase of the Duke of Richmond signals likely financial input into both that hotel and another Town hotel, the Old Government House. / Guernsey Press

Richard Hemans, the economic lead for the Institute of Directors locally, said there was ‘growing belief in Guernsey’s economic potential’.

‘Investment is not just a driver of growth – it is also a signal of confidence. Capital, particularly private capital, is rarely sentimental. It moves where it perceives opportunity, stability, and return. When investors commit significant sums to a place, they are not merely responding to current conditions – they are expressing faith in the future. That expression, in turn, can embolden others,’ he said.

The purchase of the Duke of Richmond signals likely financial input into both that hotel and another Town hotel, the Old Government House, keeping capital on-island and continuing to generate economic activity.

Mr Hemans said that other investment in tourism would ultimately boost not only that industry, and off-island transport, but also the construction sector, supply chain, and tax receipts. And reasonable figures from a Paris air link and anecdotal evidence of more French visitors heading this way with Brittany Ferries bode well.

Meanwhile, new owners for Randalls ‘demonstrates belief in the strength and resilience of the local consumer economy, underpinning hopes of renewed economic strength driven by domestic demand’.

Mr Hemans said that in recent times the local economy had been ‘characterised by caution’ in most respects.

‘Some, including myself, have expressed concern about stagnation and a perceived lack of dynamism, particularly within our dominant financial services sector,’ he said.

The recent deals announced in that sector each bring fresh capital and strategic intent, Mr Hemans said. ‘Further evidence that Guernsey remains attractive to long-term investors.’

Titan’s acquisition of Ravenscroft’s wealth management business spoke both to the company’s strengths and that of the island, he said.

‘It signals confidence in Guernsey’s ability to attract affluent private clients and institutional investors who value stability, robust governance, and financial expertise.’

The formal bid for The International Stock Exchange, meanwhile, positioned the island ‘as an important financial gateway between the US and Europe’, and enhanced the island’s reputation as a high-quality jurisdiction in global finance, he said.

‘Collectively, these acquisitions indicate that investors see value in Guernsey’s economic fundamentals – political stability, strong regulatory frameworks, deep financial expertise, unique location, and untapped potential in consumer-driven sectors.

‘They suggest confidence in Guernsey as a location that combines regulatory discipline with flexibility, international reach with local expertise, and economic resilience with growth potential.

‘These investments are more than isolated transactions – they represent a significant vote of confidence at a time when reassurance is welcome.’

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