Authorities on Sark say they regret the decision of two business tycoons to shut their operations on the tiny Channel Island after its first full parliamentary election in nearly 450 years.
But they said the introduction of democracy on the car-free island would have to proceed at a pace slower than desired by the billionaire Barclay brothers, who live on the nearby islet of Brecqhou.
Twins David and Frederick Barclay, owners of London's Ritz Hotel and the Daily Telegraph newspaper, put up the shutters on their Sark investments after the majority of candidates they had backed for the new 28-member chamber failed to win election.
Roger Olsen, the outgoing chairman of Sark's General Purposes and Advisory Committee, said the freeze on investments would hit around 40 people directly employed by Barclay interests as well as builders and contractors working on the tycoons' properties.
The Barclays own around a fifth of the land on Sark and half its hotels, according to newspaper reports, and live in a gothic mansion on Brecqhou. They bought the island in 1993.
The twins had campaigned for a rapid political transformation on Sark, which lies about 9km east of Guernsey off the coast of Normandy and had preserved Europe's last feudal system until Wednesday's historic vote.
But an 87% turnout of the island's 474 voters largely backed candidates standing on what was seen as an anti-Barclay and pro-establishment ticket.
Gordon Dawes, the Barclays' legal representative, said the election had been a vote for or against the brothers' investment on the island.
He said the people have expressed their view and the Barclays have responded to that.
He added, ‘Who in their right mind would continue to invest in a community which has rejected you in this way?’
