A REPORT on the boss of the company running Aberystwyth Marina has been sent to a UK government department under the Company Directors Disqualification Act 1986.

Administrators of Burry Port Marina Ltd in Carmarthenshire, have confirmed they prepared the report on the company’s sole director Christopher Odling-Smee.

Mr Odling-Smee is also sole director of the Marine and Property Group (MPG), which is the parent company of Aberystwyth Marina and four other marinas, Dinorwic in Gwynedd, Burry Port, Cardiff and Watchet in Somerset.

Burry Port joint administrator Matthew Richards said the report had been sent to the Department for Business, Energy, and Industrial Strategy as was required by law.

Mr Richards said: “As this is a confidential report we are unable to disclose the contents.”

Watchet is the only one of the five marinas which is not in administration with MPG, although it was subject to Companies House proposing to strike it off after its annual accounts became overdue.

The action was later discontinued, but the accounts remained overdue this week.

Mr Richards also confirmed Mr Odling-Smee had expressed an interest in buying MPG and its subsidiaries, subject to being able to obtain sufficient finance.

He said: ”The joint administrators together with the administrators appointed over other group entities are continuing to consider the viability of his proposal and a further update will be provided in the next report to creditors.”

Mr Richards said the administrators were continuing to trade Burry Port Marina because it was considered to be the best way to obtain maximum funds to benefit creditors.

However, he said the marina was currently trading at a loss of more than £61,000 in its first six months since going into administration.

And he said it was unlikely enough funds would be realised to repay anybody other than secured creditors.

Part of the issue was inter-company debt within the MPG structure with £1,557,540 being owed to the company by a connected enterprise, Bayscape Ltd, which had been compulsorily liquidated by the Official Receiver.

Mr Richards said a full and accurate understanding of MPG and inter-company debts was still being progressed.

Mr Odling-Smee told the Cambrian News’ sister paper, West Somerset Free Press, he would not make any comment while the transaction was ongoing.

He said: “The report under the Company Directors Disqualification Act 1986 is standard of any administration process.”

Aberystwyth Marina fell into administration in July with estimated debts of around £14 million.

THIS ARTICLE WAS AMENDED ON AUGUST 8, 2024:

In an article headlined, “Administrators seek to disqualify Aberystwyth marina director”, published on 7 January, it was reported that administrators were “seek[ing] to disqualify” the director of a local marina, Christopher Odling-Smee. While a Conduct Report had been filed under the Company Directors Disqualification Act, 1986, this did not mean disqualification against the complainant as a director was being sought. This correction has been published following an upheld ruling by the Independent Press Standards Organisation.