Under the plans, which are still being developed, 13 homes would be built at the St Ouen site.
According to Jersey Choice’s calculations, they represent an 88.7 per cent reduction of structures in the area.
He said: "If this fails the owner is likely to have to sell the business. There is no likely purchaser in Jersey and that would mean selling the company outside of the Island."A drop in sales since the loss of Low Value Consignment Relief tax relief saw Jersey Choice sales reach £10.9m in 2013, down from more than £20m before the VAT loophole closed in 2012.