Sutton Harbour considering sale

The AIM-listed company, based in Plymouth, said it had “significant future growth potential, given its profitable, well invested annuity trading activities underpinned by a strong existing asset base and significant potential for further development around the historic Sutton Harbour”.

“Even with its recent successful refinancing, the company's potential remains constrained by its existing capital structure. As such, the board has determined that it is appropriate to evaluate alternative opportunities to maximise value for the company's shareholders and to build on Sutton Harbour's successes to date,” Sutton said in a trading statement.

“Accordingly, Rothschild has been appointed to assist with a strategic review of options, which could include a sale of the company,” the company said in a statement.

Sutton said it maintained its high letting occupancy of investment properties throughout the year and recorded another year of strong growth in car parking revenues.

“Following last year's record season, fish landings at Plymouth Fisheries have returned to normal levels. Lower fuel commodity prices and a new fuel buying strategy have resulted in better margins on fuel sold to commercial fishing boats and the marina operations at Sutton Harbour and King Point have together achieved revenues level with last year,” it said.