Brinklow Marina gone bust

[jeepster]

The marina had suffered from bad management at high level, there was no diesel, no coal, no gas, the elsan & pump out facility cess pit was not always emptied. The local harbourmasters kept it going as best they could be boats slowly left. It will take awhile for the marina to fill up again and restore its good reputation for any new investors and moorers. 

[john6767]

What is being sold seems to be the marina property, not the business.  So does the business has a lease on the property, so would someone buying this be the landlord of the marina business, and not actually running the marina business themselves?

[frangar]

6 minutes ago, john6767 said:

What is being sold seems to be the marina property, not the business.  So does the business has a lease on the property, so would someone buying this be the landlord of the marina business, and not actually running the marina business themselves?

I think you are buying the whole lot from looking at the brochure.  

[jeepster]

The freehold of the marina, whether that includes the business I do not know. Its all quite messy, no accounts, no addresses or contracts of many of the moorers and no details of any liabilities, the marina business has not been fully managed and consequently its all quite messy. 

[frangar]

Just now, jeepster said:

The freehold of the marina, whether that includes the business I do not know. Its all quite messy, no accounts, no addresses or contracts of many of the moorers and no details of any liabilities, the marina business has not been fully managed and consequently its all quite messy. 

Be interesting to know where a potential purchaser stood with the exsisting moorers. I don’t think they count as sitting tenants so could be having a bit of a culture shock with a new owner. 

[jeepster]

Some moorers have not paid mooring fees for a number of years and some moorers have arrived there without any permission from the owner. Mooring fees are low as they have not been increased for 9 years at least, so could be a large increase for existing moorers. 

[john6767]

2 hours ago, frangar said:

I think you are buying the whole lot from looking at the brochure.  

It seems to be an estate agent selling the freehold property, but there is also a business that is operating from that property.  The business may well have assets or debts, but it does not seem clear if you are buying that business.  Obviously anyone interested will have a solicitor so that will all be sorted.  At £1M it does not seem bad value, I doubt you could build the marina for that, but is that because you have the business as a tennant.

[frangar]

Just now, john6767 said:

It seems to be an estate agent selling the freehold property, but there is also a business that is operating from that property.  The business may well have assets or debts, but it does not seem clear if you are buying that business.  Obviously anyone interested will have a solicitor so that will all be sorted.  At £1M it does not seem bad value, I doubt you could build the marina for that, but is that because you have the business as a tennant.

Nothing suggests you are not getting it all.....unless im missing something.....all the costs and incomes are discussed in the brochure PDF...nothing at all is mentioned about the existing business....

 

From what Jeepster says there is not a business there at all at the moment to speak of

[john6767]

5 minutes ago, frangar said:

Nothing suggests you are not getting it all.....unless im missing something.....all the costs and incomes are discussed in the brochure PDF...nothing at all is mentioned about the existing business....

 

From what Jeepster says there is not a business there at all at the moment to speak of

OK I will look again!

[john6767]

10 minutes ago, john6767 said:

OK I will look again!

As it mentions fixtures fittings and goodwill, it does seem to include the business I guess.  I was suspicious as you would have thought that you would structure this with one company owning the marina, and a second company operating it and paying rental to the first.  But perhaps in this case it was just a single company doing everything.

[frangar]

4 minutes ago, john6767 said:

As it mentions fixtures fittings and goodwill, it does seem to include the business I guess.  I was suspicious as you would have thought that you would structure this with one company owning the marina, and a second company operating it and paying rental to the first.  But perhaps in this case it was just a single company doing everything.

The marina Im in now is one company as was my previous marina...they own the land and the operating business and trade as one unit

Edited December 21, 2020 by frangar

[jeepster]

It was a single owner.

14 minutes ago, frangar said:

The marina Im in now is one company as was my previous marina...they own the land and the operating business and trade as one unit

Some moorers have not paid mooring fees for a number of years and some moorers have arrived there without any permission from the owner. Mooring fees are low as they have not been increased for 9 years at least, so could be a large increase for existing moorers. 

[john6767]

6 minutes ago, jeepster said:

It was a single owner.

Some moorers have not paid mooring fees for a number of years and some moorers have arrived there without any permission from the owner. Mooring fees are low as they have not been increased for 9 years at least, so could be a large increase for existing moorers. 

At £1850 pa for a 50ft boat, it is cheap but not ridiculously so.  We did look round there 10 years ago, and I think that was the cost then.

[Ally]

If anyone fancies buying it, I'd be happy to consider running it! ?? 

[Alan de Enfield]

19 hours ago, john6767 said:

As it mentions fixtures fittings and goodwill, it does seem to include the business I guess.  I was suspicious as you would have thought that you would structure this with one company owning the marina, and a second company operating it and paying rental to the first.  But perhaps in this case it was just a single company doing everything.

Generally when you buy a business you buy the assets of the company rather than the actual 'company' (ie the company shares).

This is so if any 'unknown' company liabilities turn up in the future (remember the Tax-man can go back 9 years) the new company is not liable.

 

When we bought the last business we bought everything except the company (name), registered a new limited company which meant that the business could continue to trade, but no historical liabilities could be charged to the new company.

[Ray T]

Speaking to a couple who moor in Brinklow, at Sutton Stop this morning.

They suggested the marina had been bought, but didn't know who by.

[Tracy D'arth]

43 minutes ago, Ray T said:

Speaking to a couple who moor in Brinklow, at Sutton Stop this morning.

They suggested the marina had been bought, but didn't know who by.

The agent confirms, sold.

[Nightwatch]

19 hours ago, Ray T said:

Speaking to a couple who moor in Brinklow, at Sutton Stop this morning.

They suggested the marina had been bought, but didn't know who by.

Castle Marinas perhaps. I don’t know, but wouldn’t be surprised.

[frangar]

43 minutes ago, Nightwatch said:

Castle Marinas perhaps. I don’t know, but wouldn’t be surprised.

I would suspect that an exsisting operator has brought it. It was a good investment at that price especially if you could turn it round quick and get some boats in 

[Nightwatch]

1 minute ago, frangar said:

I would suspect that an exsisting operator has brought it. It was a good investment at that price especially if you could turn it round quick and get some boats in 

My thoughts as well. The extension at Cropredy Marina is not that far off complete once the weather improves, then focus on a new investment. Only my thoughts.

Edited December 29, 2020 by Nightwatch

[frangar]

Looks like castle marinas have brought Brinklow 

 

https://www.castlemarinas.co.uk/job-vacancies?fbclid=IwAR1ENoqILYFMdx-gbjZ9BNnkbTrNfzDOzHJUnGooBHTquMwOo_cdQEsQ_Fo

 

 

[NB Alnwick]

12 minutes ago, frangar said:

Looks like castle marinas have brought Brinklow 

 

https://www.castlemarinas.co.uk/job-vacancies?fbclid=IwAR1ENoqILYFMdx-gbjZ9BNnkbTrNfzDOzHJUnGooBHTquMwOo_cdQEsQ_Fo

 

 

Apparently, a certain American gentleman is looking for a new job . . .

[Rob-M]

2 minutes ago, NB Alnwick said:

Apparently, a certain American gentleman is looking for a new job . . .

He would want to fill it in and build a golf course.

[Ray T]

@Ally Was interested in running a marina, see post #64.

[Nightwatch]

39 minutes ago, frangar said:

Looks like castle marinas have brought Brinklow 

 

https://www.castlemarinas.co.uk/job-vacancies?fbclid=IwAR1ENoqILYFMdx-gbjZ9BNnkbTrNfzDOzHJUnGooBHTquMwOo_cdQEsQ_Fo

 

 

As predicted by a member in here.