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The Guardian is reporting Manx-based Trevor Hemmings has lost more than £4million after the collapse of the Pontin's holiday camp chain.
Mr Hemmings is Pontins' largest creditor after Santander bank, which is owed £43.5m.
Mr Hemmings has owned Pontin's twice in previous years, leading a management buyout in 1987 before selling it to Scottish & Newcastle and buying it back again in 2000.
When he sold it on again in 2008, Mr Hemmings kept a five per cent equity stake, which is now worthless after Pontin's went into administration.
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