Island Harbour Marina goes belly up
- Thread starter Twister_Ken
- Start date
BlueSkyNick
Well-Known Member
AGAIN
A real shame that this has never been particularly successful. It's in a great spot, away from the hustle and bustle of Cowes and a very pleasant walk up and down the riverbank.
A real shame that this has never been particularly successful. It's in a great spot, away from the hustle and bustle of Cowes and a very pleasant walk up and down the riverbank.
savageseadog
Well-Known Member
I thought it was the Sumo Bank
wizard
Well-Known Member
This seems strange after all the money they spent doing the place up.
The marina plus odd houseboats has been full since last year, so no shortage of income
The marina plus odd houseboats has been full since last year, so no shortage of income
PaulR
Well-Known Member
sad to hear this news - called in this year for a night - very welcoming and as you say pleasant spot- busy too but not noisy
dulcibella
Well-Known Member
Shame - we really enjoyed our club rally there last year. I guess that it couldn't compete with the more up-front attractions of the Folly, and some don't like visiting places that are in any way tidal.
SailingDog
Well-Known Member
Interesting............
Not sure that belly up is quite correct, the operating company may be experiencing difficulties, the article doesn't say anything about the company that owns the land, marina and surrounding infrastructure.
Not sure that belly up is quite correct, the operating company may be experiencing difficulties, the article doesn't say anything about the company that owns the land, marina and surrounding infrastructure.
graham
Well-Known Member
Sad to see any business go.I wonder what position berth holders are in if they have paid up front for their annual berth fee.
dedwards
Well-Known Member
Can somebody translate the legal speak? what does it mean if a winding up order is proceeding unopposed??
KevB
Well-Known Member
What a shame. In the top 3 of my favourite solent harbours.
pvb
Well-Known Member
[ QUOTE ]
what does it mean if a winding up order is proceeding unopposed??
[/ QUOTE ]It means that someone who's owed money by Island Harbour Ltd has applied to the court for a winding up order. In such cases, the debtor can try to resist the winding up petition by negotiating their way out of the situation - say by offering creditors a repayment plan - or can just let the legal process go ahead (ie unopposed). In this case, Island Harbour Ltd initially offered a Company Voluntary Arrangement to repay debtors, but then decided to withdraw it. A liquidator will now be appointed to wind up the company in as orderly a manner as possible.
Island Harbour Ltd apparently owes £885K in total to almost a hundred creditors. It's important to note that Island Harbour Ltd is only an operating company for the marina and Bistro. It's highly unlikely that the marina will disappear; a new operating company will be set up.
what does it mean if a winding up order is proceeding unopposed??
[/ QUOTE ]It means that someone who's owed money by Island Harbour Ltd has applied to the court for a winding up order. In such cases, the debtor can try to resist the winding up petition by negotiating their way out of the situation - say by offering creditors a repayment plan - or can just let the legal process go ahead (ie unopposed). In this case, Island Harbour Ltd initially offered a Company Voluntary Arrangement to repay debtors, but then decided to withdraw it. A liquidator will now be appointed to wind up the company in as orderly a manner as possible.
Island Harbour Ltd apparently owes £885K in total to almost a hundred creditors. It's important to note that Island Harbour Ltd is only an operating company for the marina and Bistro. It's highly unlikely that the marina will disappear; a new operating company will be set up.
IHM
New Member
On the 26th November 2008 the operating company Island Harbour Ltd went into liquidation. However, the company who owns the property is still in existence and a new firm, Finance (Walton) Limited, has taken over the day to day running of the marina.
This is great news for everyone at Island Harbour and means that all the members of staff are able to retain their jobs. It is also good news for anyone who loves to visit the marina and enjoy the beautiful and peaceful surroundings. The recently rebuilt Bistro bar/restaurant is open for business and is offering some delicious menus and a warm and friendly welcome. ( web page)
We would like to wish everyone a very happy Christmas and look forward to the New Year and seeing our regular customers as well as some new faces.
This is great news for everyone at Island Harbour and means that all the members of staff are able to retain their jobs. It is also good news for anyone who loves to visit the marina and enjoy the beautiful and peaceful surroundings. The recently rebuilt Bistro bar/restaurant is open for business and is offering some delicious menus and a warm and friendly welcome. ( web page)
We would like to wish everyone a very happy Christmas and look forward to the New Year and seeing our regular customers as well as some new faces.
pvb
Well-Known Member
[ QUOTE ]
This is great news for everyone at Island Harbour and means that all the members of staff are able to retain their jobs. It is also good news for anyone who loves to visit the marina and enjoy the beautiful and peaceful surroundings.
[/ QUOTE ]I imagine it's not such great news for the suppliers who were owed £885,000 - or the suppliers' employees who may find themselves out of work...
This is great news for everyone at Island Harbour and means that all the members of staff are able to retain their jobs. It is also good news for anyone who loves to visit the marina and enjoy the beautiful and peaceful surroundings.
[/ QUOTE ]I imagine it's not such great news for the suppliers who were owed £885,000 - or the suppliers' employees who may find themselves out of work...
Sailfree
Well-Known Member
Come on the guy is trying to make the best out of a bad situation and be positive about whats left.
Yes sad about anyone losing money owed and jobs but would it make it any better if the whole place closed?
Yes sad about anyone losing money owed and jobs but would it make it any better if the whole place closed?
pvb
Well-Known Member
One of the terrible things about business today is the way an "operating company" can go bust one day with enormous debts, then a new company appears, phoenix-like, to take over the business as if nothing had happened. /forums/images/graemlins/frown.gif
Sans Bateau
Well-Known Member
That's bad enough but what really makes my blood boil is when a company does go belly up and then the insolvency practitioner turns up, strips the company to pay his own fees, leaving nothing for anyone.
pvb
Well-Known Member
[ QUOTE ]
...the insolvency practitioner turns up, strips the company to pay his own fees, leaving nothing for anyone.
[/ QUOTE ]Nothing much to strip out of an operating company, especially as the money already seemed to have been stripped out!
...the insolvency practitioner turns up, strips the company to pay his own fees, leaving nothing for anyone.
[/ QUOTE ]Nothing much to strip out of an operating company, especially as the money already seemed to have been stripped out!
IHM
New Member
pvb, I'm sorry you feel that way but I for one am quite pleased to still have my job, especially with Christmas so close! Anyway, the purpose of the post was not to open a discussion about what's right or wrong in the world of commerce but to let people know that we are open for business which hopefully will help safeguard our jobs for next season.
KevB
Well-Known Member
I would have thought my berthing fee's for last years IOW festival would have kept the harbour going for some years @ £16.50 per meter for 3 nights. /forums/images/graemlins/shocked.gif Oh plus electric!!
Any chance of a discount if I book next years festival berth now? /forums/images/graemlins/grin.gif
Glad the harbour is still running and looking forward to returning often next season.
Any chance of a discount if I book next years festival berth now? /forums/images/graemlins/grin.gif
Glad the harbour is still running and looking forward to returning often next season.
ChrisKaye
Well-Known Member
Good to hear that your jobs are safe for the coming year, I for one love the place and the recent development which I feel were so long overdue it would be a shame if it all went "tits up" so to speak especially with so much money thrown at the place of late