UK marina sold after falling into administration

Port Dinorwic Marina Port Dinorwic Marina.

A company that provides berthing and marine services at a grade II-listed Welsh marina dating back to the 18th century has been sold after falling into administration in 2023.

Specialist leisure property adviser, Christie & Co, brokered the sale of Port Dinorwic Marina on behalf of Azets, which has been dealing with the administration of Port Dinorwic Marina Limited. The marina has been sold to a newly formed company of local investors, The Waterside Consortium.

The picturesque Port Dinorwic Marina, which dates back to 1763, was previously operated by The Marine and Property Group and offers year-round cruising in the Menai Strait, which separates North Wales and Anglesey.

Cardiff-based The Marine & Property Group (MPG) had come under fire for not paying staff wages or pension contributions amid concerns over the firm’s financial situation before it fell into administration. Director of MPG Chris Odling-Smee told Business Live in January 2023 that the delayed salary issues were related to cashflow.

In January 2023, Wales Online reported how staff at Port Dinorwic Marina had to resort to borrowing from friends and ‘maxed out’ their credit cards to see themselves through Christmas, after a ‘horrendous’ wage backlog. Some of the berth owners reportedly set up a crowdfunding page to support the marina’s team.

In April 2023, Cambrian News reported that pressure had been mounting on The Marine and Property Group Ltd after berth holders at the firm’s Aberystwyth marina had threatened not to pay mooring fees, equipment was impounded by bailiffs and legal disputes broke out with contractors.

Simon Monks, restructuring partner at Azets and joint administrator, comments on the sale: “Whilst Port Dinorwic Marina has had its challenges in recent years, its sale out of administration to a new owner/operator will enable the necessary investment to create a thriving marina that staff, berth holders and local community can be proud of. I wish the new owners every success in operating the marina going forward.”

Andrew Barton of The Waterside Consortium adds: “The whole process of purchasing Port Dinorwic has been a journey through the highs and lows of any business acquisition. Throughout the process, Azets and Christie & Co were both communicative and informative, providing the necessary support to guide us to a successful conclusion and the deal was completed in the end based upon trust, honesty and integrity.

Jon Patrick, head of leisure & development at Christie & Co, comments: “Considerable interest in Port Dinorwic resulted in multiple offers for the business being received, a number from owners of holiday park businesses in and around the Northwest, as well as community-based investors, lifestyle buyers and multi-site marina operators.

“We have seen a marked increase in marina and marine-related advisory work throughout 2023, with further new marina instructions already confirmed in Q1 2024.”

Leave a Reply

Your email address will not be published. Required fields are marked *