THE company operating Watchet Marina was this week facing being struck off by Companies House because its accounts have not been submitted on time.

The move comes just 10 weeks after Somerset Council executive Cllr Federica Smith-Roberts said funds to cover day to day running of the marina had been paid into the company’s bank account by sole director Christopher Odling-Smee.

The council has been negotiating to award Mr Odling-Smee a 200-year lease on the marina despite four other marinas he ran in Wales all being put into administration earlier this year.

Parent company the Marine and Property Group Ltd (MPG) went into administration in April with £16 million estimated debts and only £2 million of assets.

But the council has continued negotiating a new lease with Mr Odling-Smee on the basis that Watchet Marina Ltd was a separate company and not affected by the group’s financial meltdown.

Now, Companies House has advertised its intention to strike-off the Watchet company after it failed to deliver its latest accounts by the due date of September 30.

The accounts should cover the company’s financial year to December 31, 2022.

Mr Odling-Smee told the Free Press: “As I am mid-transaction, I have no comment at this stage.”

Cllr Smith-Roberts said: “The council remains regularly updated on the financial restructuring of the Marine Group (TMG) and its subsidiaries, which include Watchet Marina Ltd.

“TMG continue to deposit funds into Watchet Marina Ltd to support its ongoing operations until the wider refinancing completes.”

Cllr Smith-Roberts said the marina’s existing lease was owned by Tim Taylor, whom she said was selling it to the Marine Group, which was a ‘private matter between the two parties’.

She said the council had agreed to extend the lease to a total length of 200 years, subject to its sale, but there would not be any changes until the Marine Group had exercised its right to purchase from Mr Taylor.

The failure to submit accounts could breach the terms of an outstanding loan made to the Marine and Property Group by Seaward Properties Ltd in 2022 which was secured against two under-leases of Watchet Marina and its harbour office.

The terms of the agreement included Watchet Marina Ltd ‘making all filings and registrations with and paying all taxes and duties to the appropriate authorities including Companies House and HM Land Registry’.