Ownership of Cardiff Marina and the management of Aberystwyth Marina have been acquired out of administration. International law firm Womble Bond Dickinson (WBD) has advised on the transaction that has seen new venture Western Marina taking over assets of Cardiff-based Marine Property Group that was put into administration last year.
Western Marinas has acquired Cardiff Marina, the operating lease for Watchet Marina in Somerset, while also taking on the management contract for Aberystwyth Marina. The value of the deal has not been disclosed.
Western Marinas, which has no directorship links to Marine Property Group, secured backing from Trevally Capital alongside Harwood Private Capital. Funding was arranged by Trevally Capital Advisers.
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The group will work to realise the potential of Cardiff, Aberystwyth and Watchet marinas, as well as Cardiff Marine Village and the associated dredging division.
A WBD team led by partner Will Fraser from WBD’s finance and investment team advised on the deal, with significant support from partners Charlie Reid, Amy Gallimore, Andy Stirk, and Carl Powlson from the firm’s banking, restructuring, and corporate teams.
In addition, managing associate David Ridley, associates Jake Unsworth and Holly Ransley, and solicitor Omar Sammakia provided corporate and finance support on the transaction, while managing associate Heidi Allen and members of the firm’s property team provided due diligence on the marinas involved in the deal.
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Partners Ronan Lowney and managing associate Chris Bowen also provided additional support on tax and commercial elements respectively.
Mr Fraser said: “It is fantastic to have been able to support Trevally and their partners again on another transaction, especially given this deal’s importance in helping shore up the long-term sustainability of a number of marinas in Wales and England.
“This was a deal which required significant expertise across a wide range of practice areas as well as a strong consideration of the current market and conditions the business faced, and we are thrilled to have been able to provide assistance on this and help them turn around the organisation with a view to develop it further.”
The board of Trevally said: “Western Marinas has a clear mission to put these marinas back to where they belong as some of the leading facilities in Wales and the south west, and we would like to thank the WBD team for their relentless effort, brilliant counsel and superb teamwork to help get this investment finalised and over the line, especially given the wide-reaching nature of the deal.”