NINE months ago, Blue Islands and Healthspan entrepreneur Derek Coates stood in front of a packed Island Hall in Alderney and spoke of his genuine affection for the island.

He outlined a ‘massive opportunity’ for Alderney’s economy to benefit from a merger of his airline and Aurigny. That vision entailed secure air links and the hope of new jobs for islanders.

He rubbished reports that the deal was in trouble and urged Guernsey deputies to be confident that the merged airline would last 100 years.

Less than two months later, Bluerigny was dead and a frustrated Mr Coates lashed out at ‘devious and incompetent’ individuals at the States-owned airline. ‘I cannot see them being people I would want to sit down to dinner with.’

While Aurigny might have been scorned, Blue Islands’ courting of Alderney continued as it sought to muscle in on the lifeline Southampton route.

On offer this time were more than kind words: a big discount for residents, guaranteed maximum fares and £100,000 in cash, the airline claims, towards Alderney’s marketing budget.

Rejection came again and, predictably, the love affair was over. No more discounted fares or cash for Visit Alderney’s budget.

More bad news was to follow as islanders learned that one of its premier hotels, the Braye Beach, could close for the winter and, finally, it was announced last week that Blue Islands would no longer fly to the northern isle.

Far from expansion, jobs are now at risk and Alderney’s economy has taken a hammer blow.

If there is a lesson to be learned from this sorry saga it is that business is not based on affection and promises but cash and hard logic.

Once it was not in the company’s interests to cuddle up to Aurigny or boost Alderney’s economy then the bottom line came into play and all deals were off.

That should surprise nobody. That’s how business works. But it should be a lesson to those who argued that it did not matter if the Gatwick slots agreement at the heart of the Aurigny sale was watertight or not.

Vital island assets can never be given away on trust alone.