The company operating Watchet Marina is set to be stuck off by Companies House having failed to submit its accounts on time.
The company’s sole director is Christopher Odling-Smee who has been negotiating with the council regarding a 200-year lease for the marina, despite four other marinas he ran in Wales all being put into administration earlier this year.
Parent company the Marine and Property Group Ltd (MPG) went into administration in April with £16 million estimated debts and only £2 million of assets.
Mr Odling-Smee is said to have paid funds into the company’s bank account to cover the day to day running of the marina.
The existing lease is owned by Tim Taylor who is in the process of selling it to the Marine Group.
The council has agreed to extend the lease to a total length of 200 years, subject to its sale.
A notice published in the Gazette dated November 28 states that unless cause is shown to the contrary, the Company will be struck off the register and dissolved not less than two months from November 28 2023.
Upon the Company’s dissolution, all property and rights vested in, or held in trust for, the Company will be deemed to be ownerless and will belong to the Crown. The accounts – for the period up to 31 December 2022, were due to be filed by September 30 2023.