Western Marinas

Leisure marinas are a space for small businesses to operate, providing job opportunities and supporting the local economy. Many roles in the maritime industry demand specialised skills, making apprenticeships essential for passing on knowledge and experience to the next generation. Western Marinas Limited manages these types of leisure marinas and aims to revitalise them, boosting employment and economic activity.  However, these facilities are often in regions typically underserved by institutional investors with two of Western Marinas’ leisure marinas in rural areas, which face additional challenges accessing finance.

Watchet Marina, one of the marinas managed by Western Marinas Limited, is located within Watchet Harbour which has centuries of maritime heritage. Once a popular tourist destination, it had encountered significant operational challenges in recent years. Situated on the Bristol channel, the marina is impacted by large tidal movements. In order to accommodate boats with keels, the marina has a tidal gate to retain the water level at low tide. The gate was previously not maintained, which left it inoperable and jammed open. Both this and the siltation movement within the Bristol Channel resulted in the marina becoming full of silt which significantly restricted its capacity rendering it inaccessible to larger boats.

With the marina out of operation, tourism went into decline. This significantly impacted the local community threatening livelihoods and the spirit of the town. 

Support from the Bank:

The turnaround plan was ambitious requiring significant investment and disciplined implementation by an experienced management team. 

Western Marinas Limited, and its portfolio of subsidiaries, was incorporated on April 16, 2024, and Harwood Private Capital, as part of its UK SME fund in which the British Business Bank has invested, provided an £8.25m senior secured term loan (including a £2m co-investment) to support restoration of the marina and surrounding areas.

Utilising this capital, Western Marinas was able to acquire Cardiff Marina and Watchet Marina, along with a selection of marine-related assets including Cardiff Marine Village and a dredger. Western Marinas also agreed a management contract for Aberystwyth Marina, with the hope of being able to acquire and invest in that marina in due course.

Western Marinas, with the help of Harwood Capital, wanted to restore these marinas to their former glory and establish them as leading marine facilities in Wales and the Southwest.

Work began immediately after Harwood’s investment and is ongoing. These works include significant dredging work and repairs to the harbour gates, overhaul of the pontoons, utility infrastructure, fuel supply systems, clearance of the land slide facilities and a complete rebrand. Great care has been taken to ensure full compliance with all health and safety regulations and HR best practices which includes a commitment to recruit apprentices from the local community.