A marina in north Wales has gone into administration following "significant financial difficulties" in recent months. On Tuesday, it was announced that a top accountancy firm called Azets had been appointed joint administrators of Port Dinorwic Marina Limited in Y Felinheli in Gwynedd.
The marina, which dates back to 1763, was acquired by The Marine and Property Group Limited back in 2017. The group owned and operated various marinas across Wales, including in Cardiff, Burry Port and Aberystwyth. It was also placed in administration in April 2023.
Port Dinorwic Marina Limited has been providing berthing and marine services at the picturesque Grade II listed marina at Y Felinheli for many years, with 180 berth offering a year-round cruising of the nearby Menai Strait, which separates Anglesey with mainland Wales.
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In a statement released by Azets on Tuesday, the accountancy firm confirmed that Port Dinorwic Marina Limited had experienced "financial difficulties" in recent months, with marina operations not "reaching their potential during ongoing economic and financial uncertainty since the beginning of this year". It was also confirmed that Simon Monks, Nicola Clark, and Colin Haig of Azets, have been appointed joint administrators of Port Dinorwic Marina Limited.
According to Azets, the joint administrators will continue to trade Port Dinorwic Marina Limited while completing a "rapid assessment of marina operations". Simon Monks, the Restructuring Director with Azets and joint administrator, said: "Port Dinorwic Marina Limited has been experiencing significant financial difficulties in recent months, to the extent a viable turnaround could not be achieved outside of an administration process, despite the best efforts of the board.
"We will immediately begin the process of understanding the underlying issues and finding a sustainable solution, with a view to achieving the very best outcome for staff, creditors and the local community. In the meantime, the continued cooperation of stakeholders is appreciated."
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