A COMPANY linked to the operators of Watchet Marina has gone into receivership, just over a year after they took over.

But Watchet Boat Owners Association has been assured by Cardiff-based Marine Property Group (MPG) that the financial woes of one of its subsidiaries would not affect the marina.

MPG bought the rights to run the marina in March of last year after protracted negotiations with then-owner Tim Taylor, who had been in dispute with Somerset West and Taunton Council over alleged breaches of his lease.

At the time, issues with mud and the level of maintenance were being blamed for a fall in the number of boats in the marina from 150 to fewer than 30.

Now, Redwood Bank Ltd has called in receiver Niholas Myers, of Evelyn Partners LLP, to administer Marine Group – Commercial Ltd, one of 10 companies owned by MPG.

The receivership was said to relate to commercial properties in Bayscape, Watkiss Way, Cardiff.

Watchet town Cllr John Richards, who is also chairman of the town’s chamber of commerce, was told by MPG that it would be business as usual for the marina.

Boat owners treasurer Martin Stevens said nothing official had yet been heard from MPG other than a conversation the company had with Mr Richards.

Mr Stevens said: “There is obviously something going on over in Cardiff and we are waiting for them to keep us informed.

“It is always worrying and the rumours will start but John Richards got an assurance from them that there was no impat on the marina.”

Marina manager Matthew Driscoll said: “We set a goal to have this as a fully functioning marina and that is what we will do. We are in for the long haul.”

Mr Driscoll said the company would honour its pledge to dredge the marina, which was mud-bound when it took over.

He said: “We always made it clear that if there was other commercial work, the dredger would do that but once it returns we will carry on dredging the marina.”

Mr Driscoll said the company had one dredger based in Watchet which had removed three metres of silt from the marina since April last year.

The dredger had probably completed a total of six months’ dredging on the harbour and another three months would see the marina fully cleared.

Mr Driscoll said since MPG took over, marina occupancy had risen to 70 per cent from 37 per cent last year with about 75 boats now moored there and water in a large part of it.