Horning Pleasurecraft acquires Cove Marina

Horning Pleasurecraft Ltd has acquired Cove Marina in Brundall, near Norwich, for an undisclosed amount. International real estate advisor Savills advised the vendor on the sale and the guide price was £1.5 million.

Cove Marina is situated on the River Yare, extending two acres (0.81 hectares) with two basins containing 75 moorings and two private moorings, each with its own private garden and summer house.  There are landscaped grounds with a communal picnic area, two toilet and shower blocks and a large gravel car park.

Kay Griffiths, associate director in the leisure and trade teams at Savills, says: “There was significant interest in Cove Marina as it provided a successful and well-established business in a popular tourist location,” says Kay Griffiths, associate director in the leisure and trade teams at Savills. “Marinas are typically rare to the market and often attract a good level of interest from leisure operators and lifestyle buyers, however in recent years the buyer pool for marinas has broadened as investors seek returns from a wider variety of income generating assets.”

Clive Richardson, owner and director at Horning Pleasurecraft Ltd, comments: “We are really happy to be given the opportunity to become the new custodians of the excellent business that David has built over the years.  Horning Pleasurecraft Ltd operates a marina in Horning with a small hire fleet, the acquisition of Cove Marina is an ideal complement to our portfolio.”

The vendor, David Fletcher, adds: “My father bought the land in the 1950s and I have run it as a marina for 23 years. However, it is now time for me to retire and I am very pleased that I am handing over the reins to Clive.”