Sutton Harbour Group PLC AGM Statement (2416L)

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RNS Number : 2416L

Sutton Harbour Group PLC

04 September 2019

4 September 2019

Sutton Harbour Group plc (the "Company")

Annual General Meeting Statement

The Chairman of Sutton Harbour Group plc intends to issue the following update to shareholders attending today's AGM.

Projects update

During the summer months the Company has made good progress with pre-construction preparations for two consented developments at Sutton Harbour. Financing of the smaller Harbour Arch Quay building has been arranged and construction is expected to start before the end of the calendar year, along with the launching of the marketing of the fourteen apartments. The building should take just over a year to complete. The larger Sugar Quay scheme is proceeding to construction drawings, bidding by construction contractors and scheme financing, with an anticipated start in Q1 of 2020 of the approximate 30 month build programme.

The Company continues to upgrade its existing capital infrastructure and works are currently underway to construct a new fuel delivery system at Plymouth Fisheries. This capital investment of approximately GBP800,000 has qualified for 50% grant funding. To improve public access and events space at Sutton Harbour Marina, in addition to creating additional larger berths in time for the summer of 2020, marine licensing applications have been submitted to enable the installation of some new additional pontoons.

Trading update

Trading at the marinas and car parks over the summer months has been better than compared to last year whilst the fisheries has performed at the same level to last year. The Company is discussions with various prospective tenants for the remaining available vacant spaces on the estate.

Recruitment update

As previously announced, the board has undertaken search for an additional executive director and confirmation of this is expected to be made later in the Autumn.

Enquiries

 
 Sutton Harbour Group plc            [phone]   Philip Beinhaker, Executive Chairman 
                                                            Natasha Gadsdon, Finance Director 
 Arden Partners (NOMAD and Broker)   [phone]   Paul Shackleton, Ben Cryer 
 

Notes to Editors

Sutton Harbour Group plc (SUH) is an AIM listed 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 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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September 04, 2019 09:31 ET (13:31 GMT)