The UK’s Sutton Harbour Group (SHG) has been granted additional time to sell Plymouth’s King Point Marina.
The company, which also holds the lease for Plymouth’s disused airport has been the extension to sell off some of its assets including the marina and pay its bank £8.69m.
The Group had previously been given a deadline by Nat West Bank to pay off £1.5m of debts by March 20 2025.
SHG now needs to pay £8.69 million by June 30 2025 to align with its updated expected timeline for asset disposals.
In December 2024 the AIM-listed company announced a half year loss of nearly £1m.
The company was told to reduce the amount it owes to the bank by £10m – its total bank debt still stands at more than £20m.
Notable asset
King Point Marina has 151 berths for vessels ranging from 7.5m in length to 25m and is the most notable asset the company is selling-off.
It is Plymouth’s newest marina and close to the city centre.
Features of the marina include walk-ashore pontoon berthing, 24-hour gated access, CCTV surveillance, on-site car parking, wetroom facilities, metered power and fresh water.
A wave break protects the marina in bad weather.
The marina’s inner basin was designed and built by engineer Isambard Kingdom Brunel in 1857. The current marina was opened in 2013.
In December, SHG said it had received ‘good interest’ in all of the assets it had put up for sale, including King Point Marina.
SHG began a debt reduction plan in 2024 which included the sale of some assets and has so far made loan repayments of £1.445m.
The marina was put up for sale in 2024.
