The leisure group have withdrawn their plans to open a luxury apartment and leisure complex on the waterfront.
The company have told developer David Crossland that they want to concentrate on their core business and have cancelled all other projects.
Mr Crossland said: ‘I believe that Les Jardins can still be the outstanding centrepiece of a world-class waterfront.
‘We don’t want to tell our competitors what our alternatives are, but there are three or four, and all of them I think Jersey would be very happy with.’
