Multimillion £ Deal for Sutton Harbour Owner

United Kingdom
24th November 2017

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.

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.

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