2nd June 2013, 11:56
Man Utd Stars to Invest in Malta Hotel ChainManchester United stars Gary Neville and Ryan Giggs are to invest in the Island Hotels Group when it launches an equity and bond issue in the coming weeks.Mr Giggs, the Premiership Player of the Year, and Mr Neville, the Manchester United captain, are expected to acquire a combined shareholding of around five to six per cent once the group is floated. Island Hotels Group owns some of Malta's finest hotels, including the Radisson Blu Baypoint Resort, and the Radisson Blu Golden Sands Resort and Spa. It is understood that the investment possibility was discussed after a Manchester United delegation, which included manager Alex Ferguson, visited Malta last February in connection with the local supporters' club's 50th anniversary celebrations. "A simple conversation during a celebration dinner at the Radisson Blu Golden Sands a few months ago led to where we are today," group CEO Winston J. Zahra said. Mr Zahra said discussions were underway to discuss the possibility of one of the footballers joining the company board as a nonexecutive director, he said."Both Neville and Giggs are fantastic individuals with a great desire to participate in the business world and enjoy the same success they have enjoyed on the football field. Their mentality and philosophy fits in perfectly with ours and they have a desire to help grow a business that went from 200 beds and 25 employees 22 years ago to what it is today," Mr Zahra said. Mr Neville, 34, who has a long standing affinity for Malta, told The Sunday Times: "I am delighted to be personally investing in the Island Hotels Group and look forward to making a positive contribution to the future of the company. "The company really excites me not just for what has been achieved already, but more so because of the future opportunities and the vision of the Zahra family. My aim in the years to come is to assist the Zahra family in growing the business both in Malta and internationally.Mr Neville, 34, who has a long standing affinity for Malta, told The Sunday Times: "I am delighted to be personally investing in the Island Hotels Group and look forward to making a positive contribution to the future of the company. "The company really excites me not just for what has been achieved already, but more so because of the future opportunities and the vision of the Zahra family. My aim in the years to come is to assist the Zahra family in growing the business both in Malta and internationally."I have many investments and one thing I always make sure is to invest in good people and where I feel great partnerships can be forged. Knowing the Maltese people as I do, I know they have similar principles borne out of traditional and sensible values." He said he felt safe in the knowledge that the Zahra family already had a "great pedigree" in the hotel sector. Mr Giggs, 35, said he prided himself on quality and linking with good people. "I know both these things have been achieved with this investment. Using my experience of travelling all around the world and seeing all types of establishments within the hospitality industry, I want to assist in the growth and promotion of the business," he said. Mr Giggs said he actively wants to be part of taking IHG into the international arena using the depth of knowledge and good foundation of the company. "We have a great opportunity to link with many contacts I have throughout the leisure industry to help realise the ambition and visions of the Island Hotels Group," he said. Island Hotels will be floated on the stock exchange later this year, with former chairman Nazzareno Vassallo selling the major part of his 50 per cent stake. The Zahra family will in turn be increasing their stake in the group from 50 to 75 per cent with the balance of equity being made available to the public. Group chairman Winston V. Zahra said the approval process had not yet been completed and, therefore, he could not comment in detail at this point in time.