Leaseholder of airport has longer to pay bank

SUTTON HARBOUR GROUP HAS EXTENSION FOR £6.5M DEBT

- By WILLIAM TELFORD

THE company which holds the lease for Plymouth’s disused airport has been given even longer to pay off £6.5m it owes its bank after still not being able to sell King Point Marina.

The Millbay property, which includes the popular The Dock restaurant, is still on sale after nine months but Sutton Harbour Group Plc (SHG) has sold two of its other “assets” enabling it to pay £2.19m of the cash it owes its bank.

National Westminster Bank Plc had given SHG until June 30 to repay £8.69m and had ordered the AIM-listed business to offload assets so it could do this. But in a statement to investors, SHG said it had only been able to pay off less than a quarter of that sum and that the marina was still to be sold.