Sutton Harbour Group deadline to pay £8m

THE company which holds the lease for Plymouth’s disused airport has been given more time to sell off vital assets including Millbay’s King Point Marina and pay its bank £8.69m. Sutton Harbour Group Plc (SHG) was told by National Westminster Bank Plc to pay off £1.5m of debts by yesterday (March 20).

- By WILLIAM TELFORD

But the AIM-listed Plymouth company today told investors that it has been given more time to pay this sum and a further £7.19m it was supposed to repay the bank by the end of the month. SHG now has to pay back the entire amount by the end of June.

This is to give it more time to sell off assets and raise the cash. In an announcement to investors SHG said: “National Westminster Bank Plc has agreed to amend its bank loan repayment date to £8.69m by June 30, 2025, to align with the company’s updated expected timeline for asset disposals.”