RBS CIB supports development of prime Plymouth waterfront with £22.5m facility

Sutton Harbour Holdings Plc’s portfolio of landmark waterfront developments in Plymouth is to continue to expand following £22.5m in funding from Royal Bank of Scotland Corporate & Institutional Banking (RBS CIB).  The Plymouth-based company will use the facilities in particular to further develop the prime Sutton Harbour Marina site as well as complete King Point Marina, due to launch in September this year.

Sutton Harbour Holdings Plc, listed on the AIM stock market since 1996, has taken an award-winning lead in the regeneration of Plymouth's waterfront, and has built a substantial estate of quality residential, in-demand commercial office developments, and ground-floor retail and leisure facilities.  The Sutton Harbour area itself, in central Plymouth and adjoining the historic Barbican quarter, has undergone a number of phases of regeneration over the past two decades.  The most recent growth initiative – Destination Sutton Harbour – was launched last November with a clear aim to develop new uses and attractions around the Harbour.

The latest part of the plans, which RBS CIB facilities will support, is the new 171-berth King Point Marina, which will be opened in September this year.  The £22.5m funds have also supported the development of The Boardwalk at Little Vauxhall Quay, a scheme designed to improve accessibility around the western side of the Harbour and provide family-orientated leisure dining and retail space with views overlooking the water.  The Boardwalk is one of twelve development sites of various sizes identified around the Harbour.

Sutton Harbour Holdings Plc is a long-standing client of the Bristol-based team at RBS CIB.  The £22.5m facilities have been refinanced over a three-year term.

Jason Schofield, chief executive of Sutton Harbour Holdings Plc, said: “We are incredibly excited about our plans for Plymouth.  King Point Marina is further evidence of our long-term commitment to the city and our aspiration of positioning Sutton Harbour as a destination of regional importance and national significance.  We have been supported strongly in this endeavour by Royal Bank of Scotland.”

Ian Bamber, senior relationship director, Royal Bank of Scotland Corporate & Institutional Banking, said: “Given the longstanding relationship between RBS and Sutton Harbour, we are pleased to have continued our support for the medium term via the refinance recently completed.  The management team has worked hard to focus the business on their core activities of waterfront destinations and marina operations and are now in a far better place to benefit from an economic upturn.”