Omnibus Investment Holdings was preparing to undertake the redevelopment of Leale’s Yard, having worked alongside the Coop for three years, and then in May 2025 it offered the Coop £4m. for the site. A couple of months later the society sold it to the States for £4.5m.
The two parties had signed an exclusivity agreement for the development of the site in February 2022.
Omnibus has claimed that in April 2025 the Coop asked it to agree to end the period of exclusivity. Omnibus declined and the following month made its offer to buy the site.
In June it said that the Coop emailed, seeking to terminate the agreement unilaterally.
‘The plaintiff neither agreed to the termination of the agreement, nor did it agree to any variation of the terms of the agreement including as to the exclusivity period,’ said Omnibus in the court papers.
But in August the States bought the site from the Coop. Omnibus said that neither it, nor linked contractor Rihoy & Son, knew about or had consented to the sale.
The company said that one of the conditions of the agreement was that a breach would lead to ‘liquidated damages’ of £300,000 being payable and that is the sum being pursued through the courts.
It has also reserved the right to join the States of Guernsey as a party to the case.
The Coop denies the claims and said it will be defending them – it has 28 days to file its defence arguments after the matter was today placed on the pleading list by the Ordinary Division of the Royal Court.
