A TOTAL of 35 spaces in Watchet car parks have been handed back to Somerset Council by marina operators the Marine Group, as an alternative to providing the £500,000 bank bond required by the council before granting the company a new 200-year lease.

This was revealed by marina boss Christopher Odling-Smee at a closed meeting held last December and disclosed in confidential notes and draft minutes issued last week.

Asked to comment on Somerset Council’s decision to require a £500,000 bank bond before a lease is granted, to offset costs if a new tenant fails, Mr Odling-Smee replied: “A bank bond is very unattractive to investors.

“The Marine Group are investing more than this by giving back 35 parking spaces to Somerset Council to the value of £525,000, which will benefit the town centre.”

The meeting, attended by Watchet town councillors, representatives from Somerset Council, Watchet Harbour Advisory Committee, other local organisations and Mr Odling-Smee (via Zoom), was held after the town council had rejected a vote of no confidence in the Marine Group’s running of the marina.

Copies of the notes and draft minutes were given to the Free Press by sources who believed that publishing the information was very much in the public interest.

Mr Odling-Smee told the meeting that although Watchet Marina - unlike the group’s four other marinas - was not in administration, income went into this process which had caused a short-term cash-flow.

He said: “Once capital investment is gained it will be used to pay off every creditor owed but this will not take away from the budget set for Watchet Marina.

“A four to five month double-tide intensive dredging schedule will be in place and the gate will be fixed.

“Watchet will have a much faster return of boats, which will gain financial security for rehabilitation works.”

He said the marina was not in the position he would want it to be in, but he was very optimistic about its future.

The meeting was told he was ‘committed and focussed’ on delivering the promises made to Watchet and would work hard to generate capital investment. “When the deal is done there will be no more association with Tim Taylor. It will be a new lease between Somerset Council and the Marine Group.

“If this fails, the administrators will continue the lease.”

Jonathan Stevens, Somerset Council’s head of operations, who has been handling the controversial negotiations, said there was a sub-let agreement with the previous operator, Tim Taylor, to allow the Marine Group to manage the marina with the right to buy within two years. 

“This has been extended. If the Marine Group fails, the lease will revert to Tim Taylor. The original operating lease has not yet been replaced.” 

The council had been assured that investment was imminent but it has taken longer than expected.

A 200-year lease was standard for marinas and more attractive to investors. “The marina is not for sale and no-one has come forward to express interest.”