Value of council’s holiday resort shares ‘as high as £1.3m’

A DISPUTE in the value of Pembrokeshire council shares in the Bluestone holiday park – previously said to be worth just £70,000 – has placed them as high as £1.3m.

Following revelations at a county council meeting this month, it was reported loans totalling £1.9m were exchanged for shares said to be worth just £70,000.

Far different values were referenced at a special extraordinary meeting of Pembrokeshire County Council. The special meeting was held as part of a no-confidence motion submitted in Council Leader David Simpson. Cllr Simpson survived the no-confidence challenge; the no-confidence vote was 29 for, 31 against.

At the meeting Councillor Huw Murphy, who was proposed as a replacement leader in the event that challenge was successful, said all councillors had received an email from the owners of Bluestone, valuing the shares at £1.3m.

This vastly differed from previous figures shared at the May 11 meeting of the authority’s full council by Cabinet Member for Corporate Finance Cllr Alec Cormack. He said the shares were stated to be worth just £70,000, based on council officer estimations, and had given a best annual dividend of a little over £5,200.

However, just a week later Cllr Murphy presented a different picture during the leadership no-confidence debate, asking who was correct.

Cllr Cormack has been contacted for a response on the different values placed on the shares.

A request has been made by the Local Democracy Reporting Service for a copy of the email submitted by Bluestone to councillors.