Sutton Harbour Group is racing against time to pay off £8.69m owed to NatWest by March, amid ongoing financial struggles and asset sales.
Last December, they reported a half-year loss of nearly £1 million. To tackle their debt, they kicked off a plan to sell off some assets. It’s a tough spot, but they’re trying to make it work.
In a recent update, they shared that NatWest has agreed to change the repayment dates. Now, they need to cough up £1.5 million by March 20 and the rest by the end of the month.
This adjustment is supposed to help them align with their asset sales timeline. So far, they’ve managed to pay back £1.445 million, bringing their total debt down to £20.255 million.
They’ve been able to make these payments thanks to selling three investment properties, which did pretty well in the market.
But it hasn’t been smooth sailing for SHG. They’ve faced high interest rates, legal battles, and losses from a big flat project at Sutton Harbour. All of this has led to some serious debt issues.
The loan from NatWest is set to last until the end of 2026, and it comes with some strict milestones. They need to sell off several properties, including King Point Marina, to meet the bank’s demands.
In December, SHG mentioned they were getting good interest in their assets, including the marina, which has the popular Dock restaurant. They’re hoping to wrap up these sales before the financial year ends.
