Marina put in administration with owners owing £14m

Aberystwyth Marina in Ceredigion has gone into administration

A marina has gone into administration just over two months after its parent company failed to pay thousands of pounds in staff wages.

Aberystwyth Marina in Ceredigion became insolvent after a petition by HM Revenue and Customs over unpaid taxes.

Its parent company, The Marine and Property Group, owes HMRC about £1.8m, with a total of almost £14m owed to all creditors.

Administrators said the company had been badly affected by the Covid pandemic and struggled to pay money owed, including to staff and suppliers.

RSM UK were appointed administrators to the company in April and said in a report that it had traded well historically.

But the impact of the Covid-19 pandemic on marina occupancy and inflation in 2022 meant that trading performance declined significantly.

Cashflow problems and an unsuccessful attempt at refinancing led to insolvency at two of the group’s marinas – Burry Post and Port Dinorwic – in March 2023.

The administrators said the company had deferred payments to all creditors, including staff and suppliers.

This led to “aggressive creditor action with High Court enforcement officers visiting sites daily”.

Business will be kept running

The Marine and Property Group, founded in 2006, has marinas in Aberystwyth, Cardiff, Burry Port and Y Felinheli near Caernarfon, as well as Watchet in Somerset.

In a statement, RSM UK said it is keeping the businesses running and will sell them.

The report added that “a number of interested parties have contacted [them] to express their interest” in the marinas.

The group’s director Christopher Odling-Smee, who is based in Switzerland, has been asked to comment.