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A boatyard manager has sold its site in Devon to a nearby operator.

MDL Marinas said its yard at Dartside Quay, three miles upriver from Dartmouth, has been bought by the owners of the Dolphin Boatyard, which faces the site across the River Dart.

MDL, which has around 20 marinas across the º£½ÇÊÓƵ and Spain, said the deal would enable “substantial” investment in the site at Galmpton Creek, and an expansion of its services. The value of the deal was not disclosed.

With space for more than 300 boats ashore, the seven-acre dry boat storage area is serviced by a 65-tonne hoist, which operates from a purpose-built dock. There is also a 20-tonne trailer hoist operating from a slipway and various onsite marine tenants provide specialist boat repairs and maintenance services.

MDL said the new owners would bring “a great deal of experience, local knowledge and a long history” of boat restoration and refit to Dartside Quay.

Managing director Michael Glanville said: “Dartside Quay boatyard provides important lifting and refit services to many of our berth holders, as well as local businesses, and we’re excited to be working with Dolphin Boatyard to create an opportunity for these services to grow.

“The sale agreement, which critically retains employment for our loyal and highly skilled team, allows capital to be released and repurposed in other areas of our business to strategically develop our portfolio of products and services for our customers.”

Ben Morris, managing director of Dolphin Boatyard, said the acquisition of Dartside Quay was “an exciting step forward” for his business.