THE new operators of Watchet Marina paid just £1 to acquire it from former owners The Marine and Property Group (MPG), which went into administration two years ago.

Western Marinas Ltd (WML) bought the ‘business and assets’ of MPG from administrators Damian Webb and Christopher Lewis last August.

MPG, which also had four marinas and property in Wales, had estimated debts of £16million when it was put into administration against £2million in assets.

Joint administrator Mr Webb said in a progress report WML paid a total of £4.317million, of which £3.11million was for freehold property around Cardiff Marina, and the company’s plant and machinery.

Mr Webb said Watchet Marina Ltd and The Marine Group Commercial Ltd, two of the companies owned by MPG, both had ‘significant liabilities’.

There was no ‘realisable value’ in their shares and the administrators therefore considered £1 to be ‘a fair value for the shares’.

Mr Webb said the sale represented the best outcome for all stakeholders as a full open market process was unlikely to bring in a higher offer, and was instead likely to lead to a worse financial result.

TAB London Ltd, which had an outstanding loan with MPG, received £2,696,650 from the sale, with more than £60,000 going on legal fees.

Mr Webb said investigations were still ongoing to try to recover £8million transferred out of the company to the Bayscape Group before MPG went into administration.

Both companies were owned by Swiss-based Danish-British businessman Christopher Odling-Smee, with Bayscape Ltd being compulsorily liquidated in October, 2023, while its parent and three other subsidiaries were all in some form of formal insolvency process.

Mr Webb said there was £2.41 million owed to unsecured MPG creditors who were expected to receive some dividend although the amount was not yet known.

Meanwhile, WML has repaired Watchet’s marina gate sufficiently that it is now working in automatic mode for the first time in several years.

The company had managed to operate the gate manually in time for Easter, and now promises that water will be retained each weekend.

A WML spokesperson said: “The gate’s sensors and computer system can now open and close it with the tide, with no manual operation needed.

“This is a huge step forward and we are delighted.

“But, this is not the finish line, there is still work to do to make sure the system in reliable.

“We are continuing essential improvements.

“So, on some weekdays you may still see the gate down at low tide.

“Thanks for your patience and support as we continue to bring Watchet Marina back to life.”

The occasion was marked by Watchet Town Crier Dave Milton, who sang the sailor’s prayer and said it was a ‘good day’ for the town.

Mr Milton said: “Boats can come here from all over the world and be safe and secure.

“Western Marinas said what they were going to do and they have done it.

“This is just the start of developing our jewel in the crown of Watchet.”