Isle of Gigha Heritage Trust (IGHT) was one of the first of those crazily fashionable political ideas of the time called 'Community Buy-Outs' . That was in 2002, some 17 years ago.
Now, and despite £7million of public money poured into it, the Trust is some £2million in debt. According to the latest accounts, HIE provided a 'revenue grant' of some £53,000 during its latest accounting period. Also, the Chief Executive of the Trust has resigned. She has cited 'human dynamics' as the reason. For 'human dynamics' read 'internal squabbling'.
We'll say it again and again - most of these entities are simply not viable and we doubt whether Carloway Estate Trust will ever be viable either. Cold, commercial reality will always see to that despite the nonsense spouted by politicians. What on earth made locals think that they could turn a profit, or even balance the books, when the original landowners - and their shrewd Financial Advisers - couldn't break even and had to inject vast quantities of personal money into such estates just to stay afloat?
The really important question, of course, is why are such buyouts given vast amounts of public money not only for purchase of such estates but also to stay alive under the euphemism called 'revenue grants'. The other problem common to almost all of those buyouts is the big ego of many in the mix. Those big egos are costing us, the taxpayer, a fortune.
While we wish all buyouts well, reality must kick in sooner or later.
The really important question, of course, is why are such buyouts given vast amounts of public money not only for purchase of such estates but also to stay alive under the euphemism called 'revenue grants'. The other problem common to almost all of those buyouts is the big ego of many in the mix. Those big egos are costing us, the taxpayer, a fortune.
While we wish all buyouts well, reality must kick in sooner or later.
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