NEWS
Photo: ICE Wales
MARINA GROUP SECURES NEW FUNDING TO EASE CASHFLOW
The company behind a network of marinas across Wales said the £35m it plans to raise from a new corporate bond will address cashflow issues. Cardiff-based Marine & Property Group admitted that it had fallen behind on paying wages but said that the situation was in hand. The group, which manages Cardiff, Burry Port, Aberystwyth and Port Dinorwc marinas, has also been criticised for its perceived failure to maintain Burry Port Harbour. Director of MPG Chris
Odling-Smee said wage backlogs had now been paid. “Some salaries remain outstanding, but not the same ones that were reported on because they’re covered and it’s just the next period now,” he said. And he blamed current problems on rapid growth which had caused disruption to cashflow. “You can be trading really well and growing really well but cashflow is king,” he said, adding that the company had learnt lessons. He also highlighted caution in the lending
8 Burry Port Harbour in Carmarthenshire
market. “Access to capital is more challenging than it has been perhaps previously because there’s a lot of caution out there,” he said. “That’s partly why we’re putting in a mid-market bond because we see a lot of turmoil in the bank lending market over the next 24 months one way or the other.” The company told Boating Business that there are exciting times ahead with more details to be released later this month.
OCEAN TRIBUTE AWARD WINNER 2023 Innovation Yachts has won the Ocean Tribute Award 2023 for the world’s first completely recyclable and sustainable catamaran made of composite material for series production. The IY LBV35 is the first model in a new series of sustainable and fully recyclable boats and is electrically powered by solar energy as well as hydrogenator. As an optional feature, the catamaran has a marine cleaning system, which means that it can lower a trampoline in front when sailing to collect floating garbage. In addition, the company also guarantees to buy back all building materials - vulcanised fibre, balsa wood (FSC) and organic
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epoxy resin - from the customer in case of damage or at the end of the product life cycle. A jury of experts from science and research as well as representatives of foundations and boot Düsseldorf screened the applicants for the award and selected a shortlist of five projects. The jury placed particular
8 Innovation Yachts has won the Ocean Tribute Award 2023
emphasis on the practical effectiveness of the project, the involvement of as many people as possible in the initiative, and networking with other ocean activists. The prize is awarded by the Prince Albert II Foundation, the German Ocean Foundation and boot Düsseldorf.
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