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Sutton Harbour Group plc announced on 1 November 2024 that National Westminster Bank plc agreed to amend the Company's bank loan repayment dates, and that its registered office address changed with immediate effect. The Company used net proceeds of £0.683m from a property disposal to make a repayment against the Facility. New Facility repayment dates include £0.762m by 6 December 2024, £2.470m in January 2025, £6.045m in February 2025, and £0.175m in March 2025, with the Facility maturing on 30 December 2026.
| Date | 1 Nov 2024 |
| Time | 07:00:04 |
| Category | Miscellaneous |
| ID | 4960K |
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 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 (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.