7 November 2024
Sutton
Harbour Group plc
("Sutton
Harbour" or the "Company")
Annual
General Meeting Statement
The Chairman of Sutton Harbour will
issue the following update to shareholders attending today's
AGM.
The Annual Report announcement made
on 20 September 2024 with the publication of the audited final
results for the year ended 31 March 2024 gave a comprehensive
account of the Group's activities and performance.
In the weeks since, the key focus of
management has been:
·
Debt reduction and bank facility
amendment
The Company has reduced the bank
loan by £683,000 using net proceeds from sale of a property asset.
The bank facility has been amended, as announced on 1 November
2024, to reflect the programme of asset disposals
underway.
·
Asset Disposals
The Company has progressed its
stated strategy to dispose selected assets and has been managing
the process of marketing, bid negotiations and provision of
information to potential buyers. Sale of a second property asset
was completed last week yielding net proceeds of
£376,000.
·
Lock Arbitration
The Company has continued to make
preparations for an Arbitration which concerns Sutton
Lock.
·
Marina Facility Improvements
The new shower and toilet
facilities, comprising six wetrooms, are targeted to be opened in
the coming months. Planning is underway for the refurbishment of
Century Quay, a vacant property opposite the marina, to provide a
new marina reception and lounge area by the end of the financial
year.
·
Plymouth Fisheries
Following the sudden closure of the
company which provided fish auctioning and landside services to
fishers, Sutton Harbour has engaged with stakeholders, including
Plymouth City Council and Plymouth Sea Food Association, and is
contributing to an independent consultant's report, to inform the
future of services at Plymouth Fisheries. The report is expected to
be completed within the coming months. Fishers continue to send
catches to other ports for auctioning as an interim
measure.
·
Future New Development
The Company continues to be engaged
in the preparation for new property development with timing of the
future delivery programme to follow the debt reduction
strategy.
·
Former Airport Site
The Company continues to work
productively with city planners following the submission of a pre
application plan for the former airport site. No further
correspondence has been received from Plymouth City Council in
respect of the claim regarding the lease of the former airport site
since the Annual Report was published.
The Interim Results for the 6-month
period to 30 September 2024 are due to be published in December
2024.
Enquiries:
|
Sutton Harbour Group plc
Philip Beinhaker - Executive
Chairman
Corey Beinhaker - Chief Operating
Officer
Natasha Gadsdon - Finance
Director
|
+44 (0) 1752 204186
|
|
Strand Hanson Limited
(Nominated & Financial Adviser and
Broker)
James Dance
Richard Johnson
|
+44 (0) 20 7409 3494
|
Notes
to Editors
Sutton Harbour Group plc (AIM: SUH)
is an AIM quoted company specialising in marine operations,
waterfront regeneration and destination creation in Plymouth and
South West England.
The Company operates Sutton Harbour
Marina, King Point Marina and Plymouth Fisheries. Operational
activities include mixed-use lettings, car parking and support
services to harbour users, property management and regeneration and
asset enhancement.
Sutton Harbour is committed to being
the leading marine and waterfront regeneration specialist in
Southern England, and to positioning Sutton Harbour in Plymouth as
a destination of national interest.