Michelmores is delighted to have advised long standing client, Sutton Harbour Group Plc (SUH), on its recent successful subscription, raising £2.9 million gross from a substantial shareholder, FB Investors LLP.
SUH has been quoted on AIM since 1996, and it was also advised on this transaction by its Nomad, Strand Hanson Limited.
SUH specialises in marine operations, waterfront regeneration and destination creation in Plymouth and South West England. It operates the Sutton Harbour Marina, the King Point Marina and the Plymouth Fisheries, with operational activities including mixed-use lettings, car parking and support services to harbour users, property management and regeneration and asset enhancement. It is committed to being the leading marine and waterfront regeneration specialist in the South of England, and to positioning Sutton Harbour in Plymouth as a destination of national interest.
Philip Beinhaker, Executive Chairman of SUH, said: “This fundraise enables the Company to advance plans to deliver comprehensive regeneration on lands owned by the Company on the East Side of the Sutton Harbour, and to explore opportunities for regeneration of other lands in the waterfront area, as well as on other lands in the city. These two strategies have material potential for value creation and ongoing activities. We would like to thank all those involved for their support and assistance in getting the subscription to its successful conclusion.”
The Michelmores team acting for SUH comprised Edwin Richards, Victoria Miller and Gruff Cartwright. Edwin, Corporate Partner, said: “We are very proud to have been involved with an important fundraise for such a prominent and important local company, and are very pleased to have been able to assist Sutton Harbour with the smooth and swift completion of the transaction. Thank you to everyone involved for their professionalism, dedication and hard work.”
The Strand Hanson team included Richard Johnson, Ana Ercegovic, James Dance and Rob Patrick. Richard Johnson, Director, said: “We are pleased to have assisted SUH on making this next step of its growth strategy and look forward to seeing it execute on its short- to medium-term plans. Thanks to the Company and its advisers for their work on a very collaborative and well-run transaction.”