Sutton Harbour completes Salt Quay office sale but warns on market conditions
12 March 2009
Sutton Harbour Group, the regeneration and transport business with a focus on Southwest England, has sold its recently completed Salt Quay office development in Plymouth for £8.7 million.
Sutton Harbour said the disposal of the 42,000 sq ft investment property was in line with its focus on maintaining a stable base and financial structure. Proceeds from the sale will be used to pay down borrowings, with the full repayment of the development facility secured on the project and a reduction in general banking facilities. Following this reduction the company's overall gearing based on its net assets at September 30, 2008 is around 56%.
Elsewhere, the company noted that its other regeneration projects were in an advanced state of realisation, but due to the second half weighting of the projects any delay in their completion will delay the recognition of revenues into the next financial year.
Whilst its marine division is performing in line with expectations, the transport division – which includes airline Air Southwest – is currently trading at around £500,000 below budget. The company said the division was experiencing trading pressures in common with much of the aviation industry.
|
Relevant Companies
For more company information click below:
Headlines
10 September 2010
03 September 2010
31 August 2010
30 August 2010
27 August 2010
20 August 2010
18 August 2010
13 August 2010
09 August 2010
06 August 2010
30 July 2010
29 July 2010
28 July 2010
27 July 2010
26 July 2010
23 July 2010
23 July 2010
22 July 2010
21 July 2010
19 July 2010
16 July 2010
12 July 2010
09 July 2010
08 July 2010
07 July 2010
06 July 2010
05 July 2010
02 July 2010
06 May 2010
13 April 2010
24 March 2010
23 March 2010
23 March 2010
23 March 2010
23 March 2010
23 March 2010
23 March 2010
23 March 2010
23 March 2010
22 March 2010
22 March 2010
22 March 2010
22 March 2010
22 March 2010
22 March 2010
22 March 2010
22 March 2010
22 March 2010
22 March 2010
22 March 2010
» See all News
Features
31 August 2010
28 July 2010
23 July 2010
13 April 2010
24 March 2010
22 March 2010
19 March 2010
19 March 2010
18 March 2010
16 March 2010
15 March 2010
12 March 2010
11 March 2010
08 March 2010
05 March 2010
05 March 2010
» See all Features
Round-Ups
10 September 2010
03 September 2010
27 August 2010
20 August 2010
13 August 2010
06 August 2010
30 July 2010
23 July 2010
16 July 2010
09 July 2010
02 July 2010
19 March 2010
19 March 2010
12 March 2010
12 March 2010
05 March 2010
Popular
10 September 2010
31 August 2010
28 July 2010
27 July 2010
03 September 2010
18 August 2010
30 August 2010
24 September 2009
02 February 2010
20 August 2010
08 July 2010
19 July 2010
30 July 2010
27 August 2010
16 July 2010
23 July 2010
|