Port Dinorwic in trouble?

[Graham376]

Unpaid staff at Menai Strait marina 'maxed out credit cards' to get through Christmas - North Wales Live (dailypost.co.uk)

 

[Praxinoscope]

Similar story in Aberystwyth, and potential problems in Burry Port.

 

[Fr J Hackett]

With the accounts as declared, why do they need a capital injection and why haven't they fully paid overheads and fixed costs out of their gross profit. It sounds as though their undeclared costs ie servicing existing debt.

The marina, which includes a range of food and beverage outlets, offices, shops and workshops, was acquired by MPG in July 2017. In its latest accounts, for the 12 months to December 2021, the company filed a turnover of £7.89m, a gross profit of £4.34m and earnings before taxes of more than £1.7m.
Chris Odling-Smee, an MPG director, said the group is “fundamentally profitable” with a strong balance sheet and a net asset position of in excess of £30 million. But, he added: “A capital funding deal – due to illness of a solicitor and the Christmas break – was delayed and consequently this delayed salaries.

 

[Praxinoscope]

We have been hearing reports of possible financial problems for some time, as Fr Hackett has suggested there may be existing debts that the accounts don’t fully show.
Our local Council considered MPG as an option for running Aberaeron harbour, fortunately it looks as if this won’t happen, boat owners in Burry Port seem to be very unhappy with MPG and has now only about 40% of its capacity occupied, (see friends of Burry Port) staff have been unpaid in Aberystwyth (some since November see Cambrian News) and it has been noted that suppliers are on cash only basis, even their main marina in Cardiff is apparently losing staff and the dredger now in Watchet appears not to be operating (no staff to work it?).
These problems stretch back further than the Christmas break.

 

[capnsensible]

Could this be a long covid thing? You know, where boat owners got all moany about paying mooring fees when they couldn't use their boats even though they had a Marina berth? Who knows. But....

 

[MisterBaxter]

It's not really capital funding if you need it to pay staff salaries! Unless they're re-financing a massive debt that arose from carrying out capital works, I suppose.

 

[Fr J Hackett]

It's not really capital funding if you need it to pay staff salaries! Unless they're re-financing a massive debt that arose from carrying out capital works, I suppose.

I suspect they are trying to refinance their loans for buying up facilities like Dinorwic

 

[SaltIre]

I suspect they are trying to refinance their loans for buying up facilities like Dinorwic

You could always PM Mr Odling-Smee and invite him to respond to your post.?
Hasn't posted since 2020, though...
https://forums.ybw.com/index.php?members/christopheros.35663/

 

[Fr J Hackett]

You could always PM Mr Odling-Smee and invite him to respond to your post.?
Hasn't posted since 2020, though...
https://forums.ybw.com/index.php?members/christopheros.35663/

I expect he has his hands full at the moment so I wouldn't want to disturb the chap.

 

[TSB240]

Could this be a long covid thing? You know, where boat owners got all moany about paying mooring fees when they couldn't use their boats even though they had a Marina berth? Who knows. But....

Nothing to do with covid.

A look into the directorships and filing at companies house for companies with common directorships and the relevant accounts will give you and any banks that support them all that they need to see which way things are going.

I can't post on a public forum to truly say what I feel about these directors given how they are potentially damaging their employees and their customer base.

I would think most berth holders at their Marinas in Wales will not be putting a single penny extra in advance of Aprils renewals into their hands.

Would you?
I think the writing is on the wall.

I suspect they are trying to refinance their loans for buying up facilities like Dinorwic

Correct but you need to investigate where the money has gone for the last 5 years and who is refinancing to give you more answers.
It certainly hasn't gone into the marina development or maintenance at Burry Harbour, Watchet, Aberystwyth or Y Felinheli.

Cardiff Bayscape is the centre of property development in Wales and a costly excercise for some involved.
https://www.google.com/url?sa=t&sou...8QFnoECAkQAQ&usg=AOvVaw2k3mIiTrXUufhdx4ePelEk

I am sure there will be a forensic accountant Berth Holder somewhere in Wales looking for answers or creditors that should be calling time gentlemen please.

 

[Skylark]

I read that locals helped the staff by fundraising. An incredibly generous and warm hearted gesture.

 

[Never Grumble]

Could this be a long covid thing? You know, where boat owners got all moany about paying mooring fees when they couldn't use their boats even though they had a Marina berth? Who knows. But....

the same marinas had both the ability to put staff on furlough and had their business rates bills cancelled, despite in the majority being paid by berth holders.

 

[capnsensible]

the same marinas had both the ability to put staff on furlough and had their business rates bills cancelled, despite in the majority being paid by berth holders.

Let's hope that some people now consider the consequences of their actions during the lockdown period. Its not just marinas. Far from it.

 

[TSB240]

Not looking good for any berth holders in Welsh or Noth Somerset Marinas operated by the same group.
Sign the Petition.

 

[Birdseye]

The comments above sound like a classic cash flow problem. Its lack of cash rather than lack of profit which is the predominant cause of company problems.

Or it could just be idle chat - something to be avoided lest it precipitates problems of itself.