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The possibility of a sale of the Guernsey-based nutrition company Healthspan has been confirmed by its managing director and owner.

Derek Coates, who also owns an airline, hotels and properties in the island, said there had been a number of approaches in the last few years.

The value of the vitamins and supplement business has been estimated to be more than £150m.

Mr Coates started the island-based company in 1996.

He said: "From a personal standpoint, I am involved in a variety of businesses and as the years go by, feel that some reduction in my workload would be a wise move and this is the prime reason that I am happy to progress a possible future sale.

"If a sale should proceed, which is by no means certain, then this will not change the existing management or the running of the business or affect any staff employment or Healthspan's relationship with its customers."