Plymouth’s Sutton Harbour Group has sold off two more assets as it races to meet a major loan repayment deadline set by NatWest Bank.
The waterfront regeneration company announced on this morning that it had completed disposals worth £2.675m. Most of the proceeds have been used to reduce its bank debt by £2.19m, bringing the total owed to £18.065m.
The company is under pressure to repay £6.5m by 30 September 2025 as part of a revised loan agreement with National Westminster Bank plc. The repayment will be funded through asset sales, including the prominent King Point Marina in Millbay which is still on the market.
In an update to the London Stock Exchange, the AIM-listed business said its bank loan facility will remain in place until 30 December 2026, but it must hit key repayment milestones before then. The £6.5m target is the latest hurdle in a long-running debt reduction programme that has seen several high-value sites placed up for sale.
Sutton Harbour has been managing mounting financial challenges following reported losses of nearly £1m and a series of borrowing arrangements, including loans from Beinhaker Design Services Ltd, a company controlled by directors Corey and Philip Beinhaker. The group holds a long lease on the former Plymouth City Airport site and also operates Sutton Harbour Marina and Plymouth Fisheries.
In the same statement, Sutton Harbour announced that Graham Miller, its Senior Independent Non-Executive Director, has officially stepped down after 12 years of service. Mr Miller previously served as Chair for five years until 2018. He has been replaced by Paul Shackleton, a London-based finance adviser who has worked with AIM-listed companies for nearly three decades.
Mr Shackleton has been appointed as an Independent Non-Executive Director and will take over as Chair of the Audit Committee. He currently serves as Non-Executive Chairman of GCM Resources plc and is also on the board of Rurelec plc. He has previously advised Sutton Harbour on corporate governance and regulatory matters.
Executive Chairman Philip Beinhaker said:
“We are delighted to welcome Paul to the board and look forward to his fresh insight into the Company’s activities and future strategy.”
Sutton Harbour did not name the assets that were sold in the latest round of disposals, and Plymouth Plus has contacted the company for further details. The King Point Marina site, which includes The Dock restaurant, remains one of the most high-profile assets being marketed.
Sutton Harbour Group has made a number of payments to its bank in recent months through the sale of investment properties. NatWest now wants the company’s overall debt reduced to £11.565m by the end of September. The company has indicated there is strong interest in the remaining assets and will issue further updates as sales progress.
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