One of the island’s first ever retirement complexes is now being run by a residents’ association.

Built in the late 1980’s in five acres of mature grounds, the 122 apartments of Saddle Mews in Douglas had been under the management of UK based company Four Seasons Health Care for nearly 20 years.

But Four Seasons ran into trouble after parent company, Elli Finance, fell into administration in 2019 amid mounting debt.

That sparked a string of asset sales which resulted in the freehold of Saddle Mews being sold to Saddle Mews Residents Association Ltd which has been formed to oversee its development in the future. The recent sale means the Village will now be managed by its residents.

The one and two-bedroom apartments offer independent living within a secure environment, where residents enjoy peace and tranquillity with easy access to Douglas city centre.

Provided they are over 50, potential residents can buy the apartments on a leasehold arrangement, with the resident’s association overseeing the repairs and regular maintenance of the properties, the extensive grounds and ponds throughout the Village.

In previous years, on a modest budget the residents association has been able to make improvements to a small number of apartments to reduce their winter heating bills. This sale means that all funds gathered in the Village will stay on the Island so that regular improvements can be made to the village. Works planned include new windows, doors and insulation.

Throughout the process, Saddle Mews Residents Associations Ltd were advised by island-based accountants, Yellowstone.

Adam Hudgeon of Yellowstone said: ‘The good work of the association to date has seen various works take place to improve the lives of the residents.

‘We were proud to play our part in the purchase which will see the funds generated by the freehold channelled towards improving the whole estate’.

The sale concludes a six-year journey for the Residents Association to get full control over the site in Douglas. Seeking more involvement in the running of the site, a small group of homeowners started the Association under the chairmanship of the late Jim Crellin.

Following Jim’s death in 2018, David Cretney became the second chairman and has seen the Association grow and develop.

Sarah Maltby MHK for Douglas South has more recently worked with residents to draft a Private Members Bill that seeks to support leaseholders buy their Freehold in order to manage their own properties and not be forced to pay an external off Island Company a management fee.

She said: ‘The news that the freehold now belongs to the Saddle Mews Residents Association is welcome news.  My main concern was making sure my constituents were being treated fairly and getting the service they expected from their management fees.

‘I now have confidence this will happen, and I am pleased to have played a part in securing this arrangement’.

The group was approached by Four Seasons Health Care in 2023 to  purchase the Village freehold and completed the purchase on July 1,2024.

It was announced earlier this month that the Four Seasons auction process will be launched after a protracted period in which the company was reshaped and slimmed-down through a string of asset sales.

After the parent company, Elli Finance, fell into administration in 2019, with Alvarez & Marsal appointed to oversee the insolvency.

Four Seasons once ranked among the largest care home operators in Britain. While far smaller than it was before the pandemic, the company still employs more than 4,000 people and operates more than 45 freehold care homes.