Saturday, February 24, 2024
HomeNewsWelsh marina administration may not be completed until 2024

Welsh marina administration may not be completed until 2024

The administration procedure for a Welsh marina may take until 2024 to complete.

Burry Port Harbour and Marina Ltd entered into administration in June 2023 with Azets’ Matthew Richards, Colin Haig and Simon Monks being appointed to manage the marina.

In the latest update, the administrators state that there are assets with a book value of £2420,000. These are broken down to £2 million of assets subject to a fixed charge, £400,000 of assets subject to a floating charge and £20,000 of uncharged assets.

The summary of creditors includes AJA Group Ltd which is owned £2,828, Carmarthenshire County Council which is owned £229,707, Estuary Oils which is owned £4,186, Hephaestus Engineering which is owned £3,925 and Kaymac Marine and Civil Engineering which is owned £4,282.

Remedial works

The marina’s bank is owned around £2,7 million with £1.4 million owned directly by the marina and the balance owned via a cross-guarantee with its sister entity, Port Dinorwick Marina Ltd.

The immediate shareholder is The Marine & Property Group Ltd (TMPG) which holds one share and which itself went into administration in April 2023, with Carmarthenshire County Council holding 401 shares.

The marina, which has a capacity of 450 berths, has continued to operate while talks have been taking place with stakeholders to consider the priority remedial works that need to take place and the further works that will need to be done to ensure the long-term viability of the marina.

Administrators

Since June 2023, only around 50 berths have been occupied.

Carmarthenshire County Council has been working with the administrators in the search for a stable operator for the business in the future.

“We are continuing to work with Carmarthenshire County Council to find a solution for the marina and all options are being considered,” said the administrator. “Unfortunately, there does not appear to be a quick fix to the situation, and it is likely that this process will continue into 2024.”

RELATED ARTICLES

Most Popular

error: Content is protected !!