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Marina saved after private takeover

Category: Scottish Investment — Paul Morgan on October 2, 2013

The biggest marina on Scotland’s east coast has been saved, after a new private investor agreed to inject new funding into the facility.

Port Edgar will now be managed and maintained by a new firm, Port Edgar Holding Ltd. (PEH). The company has signed a 30-year contract with City of Edinburgh Council to run the site. The lease will start from early next year when the deal with the current owner expires.

Over the next five years, the company has vowed to splash out more than £1 million on improving the site and increasing its usage.

Two years ago, Edinburgh Leisure, the current owner of the site, said it was too costly to run. The council body, which operates independently of the local authority, announced in 2011 that it would stop managing the site as of April 2014.

Announcing the news, Richard Lewis, the culture and sport convener at City of Edinburgh Council, said:

“This is a welcome step forward for the Port Edgar Marina and secures the future of this important sailing facility.

“We’re very much looking forward to working with Port Edgar Holding Ltd as the new lease holder and the council will be working closely with them over the next few months to finalise the detail in advance of the handover.”

Commercial finance in Scotland is often invested in Scotland’s ports and marinas, as tourism becomes increasingly popular on the lochs of the country.

For PEH, planned dredging works will reduce dependency on tides, and encourage the docking of larger vessels.

'Disclaimer: The information contained in these articles is of a general nature and no assurance of accuracy can be given. It is not a substitute for specific professional advice in your own circumstances. No action should be taken without consulting the detailed legislation or seeking professional advice. Therefore no responsibility for loss occasioned by any person acting or refraining from action as a consequence of the material can be accepted by the authors or the firm.

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