Wed, 03 Apr 2024 | COMMERCIAL PROPERTY
Port Dinorwic Marina, a grade II-listed marina in Wales, has been sold on behalf of administrators. Port Dinorwic Marina Ltd, the company behind the marina, fell into administration last year, appointing Azets.
The marina has now been sold on behalf of Azets to The Waterside Consortium, a newly formed company comprised of local investors.
The marina, which was previously operated by The Marine and Property Group and can trace its history back to 1763, provides year-round cruising in the Menai Strait, which separates Anglesey and North Wales.
Joint administrator and Azets restructuring partner Simon Monks said that the marina “has had its challenges in recent years” but that the sale out of administration to a new owner “will enable the necessary investment to create a thriving marina that staff, berth holders and local community can be proud of.”
The Waterside Consortium’s Andrew Barton commented: "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, added: "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.”
Patrick continued that Christie & Co had seen " a marked increase in marina and marine related advisory work throughout 2023, with further new marina instructions already confirmed in Q1 2024."
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