Sutton Harbour owner remains hopeful of significant property sales
Plymouth waterfront property group Sutton Harbour remains hopeful of agreeing a deal to sell King Point Marina by March as part of its need to “reduce debt to a manageable level”.
The group sold three properties in autumn enabling it to make loan repayments of £1.45m. Its bank debt remains above £20m but it has the target of having this down to £11.8m by the end of its financial year in March.
Sutton Harbour has told shareholders it “has received good interest” in all of the assets it is targeting to sell in the next three months.
Philip Beinhaker, executive chairman of Sutton Harbour, said: “The company remains committed to its strategy to continue to invest into the Sutton Harbour area, redeveloping selected assets and regenerating development sites to uphold the quality and value of its core harbour asset portfolio.
“In the short term, the company’s objective is to reduce debt to a manageable level which it is making all efforts to achieve in this financial year.”
The group saw its half-year losses jump to £825,000. Although the group said it has seen “stability” in its marina, property rental and car parking activities, its performance was “undermined by the material decline in fish landings, since the disruptive and short-notice closure of the company that provided auction operations and landside services to fishers in May 2024”.
A Beinhaker family company has increased the headroom on its loan by £175,000 and extended the repayment dates into 2026. The total shareholder loan facilities are now at £5.5m.
