REG - Sutton Harbour Grp - Bank Facility Amendment & Property Disposal

Sutton HarbourAnnouncement

01/11/2024 07:00

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RNS Number : 4960K  Sutton Harbour Group PLC  01 November 2024

1 November 2024

 

Sutton Harbour Group plc

("Sutton Harbour" or the "Company")

Bank Facility Amendment and Property Disposal Update

Change of Registered Office

The Company announces that the National Westminster Bank plc (the "Bank") has
agreed to amend the Company's bank loan (the "Facility") repayment dates and
the change of its registered office address.

The Company is pleased to announce that in accordance with its stated plan
following the disposal of a property, net proceeds of £0.683m have been used
to make a repayment against the Facility. Other properties are being marketed,
with expressions of interest received, to realise funds to further pay back
the Facility, in accordance with the amended repayment dates: £0.762m by 6
December 2024, £2.470m in January 2025, £6.045m in February 2025 and
£0.175m in March 2025, and to provide additional working capital. The
Facility matures on 30 December 2026.

In addition, the disposal process for King Point Marina is progressing
productively with an encouraging level of interest to date.

The Company also announces that, with immediate effect, the address of its
registered office is Ground Floor, 2A North East Quay, Sutton Harbour,
Plymouth PL4 0BN.

 

For further information, please contact:

 Sutton Harbour Group plc                         +44 (0) 1752 204186

 Philip Beinhaker - Executive Chairman

 Corey Beinhaker - Chief Operating Officer

 Natasha Gadsdon - Finance Director
 Strand Hanson Limited                            +44 (0) 20 7409 3494

 (Nominated & Financial Adviser and Broker)

 James Dance

 Richard Johnson

 

Notes to Editors

Sutton Harbour Group plc (SUH) is an AIM quoted company specialising in marine
operations, waterfront regeneration and destination creation in Plymouth and
Southwest 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 Group plc 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.

 

 

 

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