MARINA GROUP SECURES NEW FUNDING TO EASE CASHFLOW

The company behind a network of marinas across Wales said the £35m it plans to raise from a new corporate bond will address cashflow issues.

Cardiff-based Marine & Property Group admitted that it had fallen behind on paying wages but said that the situation was in hand. The group, which manages Cardiff, Burry Port, Aberystwyth and Port Dinorwc marinas, has also been criticised for its perceived failure to maintain Burry Port Harbour.

Director of MPG Chris

Odling-Smee said wage backlogs had now been paid. “Some salaries remain outstanding, but not the same ones that were reported on because they’re covered and it’s just the next period now,” he said.

And he blamed current problems on rapid growth which had caused disruption to cashflow. “You can be trading really well and growing really well but cashflow is king,” he said, adding that the company had learnt lessons.

He also highlighted caution in the lending market. “Access to capital is more challenging than it has been perhaps previously because there’s a lot of caution out there,” he said.

“That’s partly why we’re putting in a mid-market bond because we see a lot of turmoil in the bank lending market over the next 24 months one way or the other.”

The company told Boating Business that there are exciting times ahead with more details to be released later this month.