The UK’s Sutton Harbour Group has been granted a further extension to sell Plymouth’s King Point Marina.
The company has been given longer to pay off £6.5m it owes its bank, after still not being able to sell the marina which has been on the market for nine months.
In an update to shareholders, Sutton Harbour Group (SHG) confirmed it had sold two of its other assets, enabling it to pay £2.19m of the debt it owes its bank.
National Westminster Bank had given SHG until the end of June 2025 to repay £8.69m and had ordered the AIM-listed business to offload assets to do so.
In December 2024, the company announced a half-year loss of nearly £1 million.
Further extension
The bank has now agreed a further extension to the repayment dates of SHG’s loan to allow asset sales to complete and bank loan repayments to be made.
The facility’s maturity date remains as 30 December 2026.
The bank loan sets out debt reduction milestones with SHG having to hit them by selling assets, which must now be offloaded by the end of September. Overall, SHG had to sell six properties in addition to King Point Marina and has now sold five of them.
The 151-berth King Point Marina was opened in 2013 with features including an amenity block, reception area, car park and The Dock restaurant. The marina is suitable for vessels ranging from 7.5m in length to 25m.
New vessels
Some of the marina is used by luxury boat builder Princess Yachts to finish work on its new vessels.
SHG operates Sutton Harbour Marina, King Point Marina and Plymouth Fisheries. Operational activities include mixed-use lettings, car parking and support services to harbour users, property management and regeneration and asset enhancement.
In addition, SHG has appointed Paul Shackleton as independent non-executive director, with immediate effect, following the announcement of Graham Miller’s retirement.
