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Sutton Harbour Group plc announced on 1 April 2025 that on 31 March 2025, it entered an agreement with Beinhaker Design Services Ltd (BDSL) to extend existing unsecured loan finance by a further £0.74 million. The BDSL Loan now totals £6.29 million in principal outstanding, carries a fixed 8% gross annual interest rate, and is repayable in equal portions no earlier than 31 August 2025, 31 November 2025, and 28 February 2026. Directors (excluding Philip and Corey Beinhaker), having consulted with nominated adviser Strand Hanson, considered the terms of this related party transaction fair and reasonable.
| Date | 1 Apr 2025 |
| Time | 07:00:10 |
| Category | Miscellaneous |
| ID | 0280D |
1 April 2025
Sutton Harbour Group plc
("Sutton Harbour" or the "Company")
Related Party Loan Extension
The Company announces that, on 31 March 2025, it entered into an agreement with Beinhaker Design Services Ltd ("BDSL") to extend the existing unsecured loan finance with BDSL (the "BDSL Loan"), first announced on 27 April 2022, and updated most recently on 16 December 2024, by a further £0.74 million ("Additional Loan"), to provide additional headroom in the Company's cash resources until targeted property disposals are completed.
The BDSL Loan and Additional Loan carry a fixed 8% gross annual interest rate with the option, at the discretion of the Company, to roll up some or all of the interest at a fixed 10% annual interest rate. The Additional Loan is repayable, plus interest, following the reduction of the bank facility, as announced on 21 March 2025, and as cashflow permits. The BDSL Loan has been amended such that it is now repayable in equal portions no earlier than each of 31 August 2025, 31 November 2025 and 28 February 2026, as cashflow permits and without penalty for any early repayment. In aggregate, the current principal outstanding of the BDSL Loan is now £6.29 million, excluding accrued interest.
Related Party Transaction
The BDSL Loan extension (the "Transaction") constitutes a related party transaction for the purposes of the AIM Rules, as BDSL represents 56% of the holdings of FB Investors LLP, which has a 75.38% holding in the Company, and is controlled by the Beinhaker family. The directors, other than Philip Beinhaker and Corey Beinhaker, having consulted with the Company's nominated adviser, Strand Hanson, consider that the terms of Transaction are fair and reasonable insofar as shareholders are concerned.
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) Richard Johnson James Dance Rob Patrick |
+44 (0) 20 7409 3494 |
Notes to Editors
Sutton Harbour Group plc (AIM: SUH) is an AIM quoted company specialising in marine operations, waterfront regeneration and destination creation in Plymouth and South West 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 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.