CLAIMS by Somerset Council that Watchet Marina owner Christopher Odling-Smee would clear £16 million of debt by next week have been refuted.

The council is currently negotiating to award a 200-year lease on the marina despite its parent group and the four other marinas it owns in Wales all being in administration.

The parent company, The Marine and Property Group Ltd (MPG), went into administration in April with an estimated £16 million debt and only £2 million of assets.

Council interim head of operations Jonathan Stevens told Watchet Boat Owners last month that Mr Odling-Smee was going to provide funds which would ‘fully clear the group’s debt and they will emerge solvent’.

Mr Stevens said MPG had provided proof of funding to the council and confirmed the group’s new funders had instructed solicitors Womble Bond Dickinson to proceed.

He said: “This, of course, needs to be understood in the wider context of the whole deal, including all marina subsidiaries and not just Watchet.

“But together with the proof of funding letter, gives the council confidence that funding is in place to address MPG’s financial issues.”

Mr Stevens said he was meeting weekly with Mr Odling-Smee until MPG’s new financing deal was complete, with the target date being the end of August.

However, Mr Odling-Smee told the Free Press this week: “This information is incorrect.

“I am depositing sufficient funds for Watchet operations.

“I will not comment on the wider transaction at this time.”

The council and its executive Cllr Federica Smith-Roberts, whose portfolio includes responsibility for Watchet Harbour, have refused to answer Free Press questions on the issue.