Multimillion £ Deal for Sutton Harbour Owner
A deal has been agreed for a 70 per cent stake in the listed company behind Plymouth's Sutton Harbour, valuing the business at almost £30m.
According to Insider Media (South West Deals; Stephen Farrell), FB Investors Executive Committee and the board of Sutton Harbour Holdings plc (SHH) have reached an agreement to acquire shares representing a 70 per cent stake in the business. The partial offer values the entire issued ordinary share capital of SHH at about £28.4m and the shares subject to the offer at about £19.9m.
SHH is a waterfront regeneration specialist which owns and operates the historic Plymouth harbour. The group trades in four business areas, marine and fisheries, car parking, real estate and regeneration.
For the financial year ended 31 March 2017, the group employed an average of 33 staff, had annual turnover of £6.7m and made a profit before tax of £53,063.
In April 2016, SHH appointed Rothschild to lead a strategic review of the options for the business, including a potential sale.
FB Investors is ultimately controlled by the family investment company of Philip Beinhaker, the founder of international professional services firm IBI group.
Jason Schofield, chief executive of SHH, said: “SHH is leading the regeneration of Plymouth’s waterfront, with prestigious mixed-use developments created alongside the 5 Gold Anchor Sutton Harbour Marina. With the assistance and investment of FB Investors, we will seek to continue to deliver the SHH Group’s vision for the area in and around Sutton Harbour, with the aim of establishing Sutton Harbour as a leading waterfront destination in the UK. We are delighted that FB Investors also supports the management team’s vision for the former airport site at Plym Vale and will support their long-term aspiration to develop it.”
Philip Beinhaker added: “FB Investors has acquired a good understanding of the local housing market in Plymouth and is enthused by the regeneration potential of SHH’s inventory and the opportunities for further enhancement of its existing operating assets, including the marinas, fisheries and surrounding real estate assets with potential for redevelopment.”
WHIreland acted as financial adviser to FB Investors, led by Mike Coe and Ed Allsopp, and Burges Salmon was the legal adviser, led by Dominic Davis and Tim Redman. Rothschild was the financial adviser to Sutton Harbour Holdings and Arden Partners the nominated adviser.
Sutton Harbour Holdings is set to continue trading on AIM if the deal goes ahead.