Completion of lease agreement for new marina

RNS Number : 3284J

Sutton Harbour Holdings PLC

06 August 2012

 

6 August 2012

SUTTON HARBOUR HOLDINGS PLC

("the Company")

Completion of lease agreement for new marina

The Company is pleased to announce that it has signed the Agreement for Lease with the Homes and Communities Agency and English Cities Fund of the dock basin and designated shore-side space in the Millbay area of Plymouth which now provides the framework which will enable the construction of the new 171 berth King Point Marina.

King Point Marina will be situated approximately 1.5 miles to the west of the Company's existing Sutton Harbour Marina which includes 489 leisure vessel berths.  Construction of this important project is due to commence this Autumn with completion anticipated for the 2013/2014 season.   Full funding for the new marina is already in place from capital raised through the issue of new equity to existing shareholders in January 2012.

Jason Schofield, Chief Executive, said "This is an exciting project which will bring a modern, first class marina berthing facility to Plymouth, which is at the centre of the South West's excellent sailing waters.  King Point Marina will extend our existing operation of high quality marina facilities at Sutton Harbour and the additional berthing fees will provide for future growth in visible recurring revenue streams and profit.   The Company has significantly streamlined its operations in recent years and this important new project is very much part of our clear strategy to focus on marine activities and the regeneration of waterfront destinations."  

The Company will be promoting new berths at the forthcoming Southampton Boat Show (14 to 23 September 2012) and is taking all enquiries for berthing for the 2013/2014 season.

Enquiries:

Sutton Harbour Holdings plc

Jason Schofield - Chief Executive

Natasha Gadsdon - Finance Director

01752 204186

Arden Partners plc

Richard Day

Jamie Cameron

0207 614 5917

Newgate Theadneedle

Graham Herring

Terry Garrett

020 7653 9850

 

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