BUSINESSMAN Tom Scott was yesterday celebrating a £50m. paper profit on his latest property-buying spree. Former executive chairman Mr Scott has spent just over £20m. on CI Traders properties worth £70m., including a pub for less than the price of an average home.

St Saviour’s Tavern cost just £285,200, the Ship and Crown £1,591,600, L’Auberge Divette £565,800, the Captain’s Hotel £450,800 and Salerie Inn, stores and land £414,000.

‘I have a pub where I can buy a drink and a restaurant where I can eat and a hotel where I can go and lay my head,’ said Mr Scott.

But he said that Sandpiper’s takeover of CIT had reduced his influence on local commerce ‘tremendously’.

‘I own a lot of property but the only real businesses I have taken over are L’Auberge, the Ship and Crown, St Saviour’s Tavern, Captain’s, Salerie and Green Acres.’

The man who until recently headed a group with property, brewing, food wholesaling and soft drink interests as well as owning Checkers and Safeway in Guernsey and Jersey, added: ‘I’m not in retail grocery at all, I’m not in the wholesale business any more or drink distribution or manufacture.’

And Mr Scott said that people should not focus on prices recorded at the Greffe. Other factors had, he said, to be taken into account.

‘I had to be committed to these 12 months ago and if the ‘takeover’ deal had not gone through, I would have had a lot of expense and no payment from anybody to cover it,’ he said.

‘The value of the properties is just over £70m. How they are split up individually is a bit misleading. There is a lot of hidden things in the prices.’

He has also taken on the responsibility of staff and said that he had honoured their length of service entitlements.

‘Because there was a big group of properties, there was a discount. You have to borrow the £70m. and if nothing else happens you have a big bill to pay. You have 70-odd employees to take with it and the properties.’

Mr Scott has also purchased properties in and around Admiral Park.

St Saviour’s Tavern licensee Wendy Gilbertson was tight-lipped as she was in the middle of signing contracts.

‘The locals don’t mind as long as the pub stays,’ she said.

A ‘Save The Ritz’ petition was launched when it emerged that homes were planned for the site and a recent appeal cleared the way for parts of it to be developed into a house and flats.

‘There may be a temporary closure,’ said Mr Scott.

‘We are building a better pub and restaurant there.’

He would consider an offer from the locals – but not for anything like the £285,200 headline price.

‘I would always consider anything,’ he said.