A DEAL handing Watchet Marina ‘ownership’ for 200 years to a businessman with a chequered financial history could soon be agreed by Somerset Council.

The council owns the marina freehold and plans to give a lease to Christopher Odling-Smee once he acquires an existing lease from former operator Tim Taylor, of Havant, Hampshire.

Mr Odling-Smee currently operates the marina through Watchet Marina Ltd, the only one of 10 companies he has under the umbrella of The Marine and Property Group Ltd (MPG), including four other marinas in Wales, not to be put into administration or to face strike-off action by Companies House for overdue accounts.

MPG went into administration with £16 million estimated debts and £2 million of assets in April of last year, and administrators have been given a 12-month extension to continue working through its financial situation.

Administrators said MPG was owed about £8 million by another of Mr Odling-Smee’s companies, the Bayscape Group, which was in formal insolvency procedures so it was uncertain if any money would be recovered.

Documents lodged with Companies House also showed Mr Odling-Smee took a loan for Watchet Marina Ltd in April this year from GH Daryani and Co Ltd secured against all of its assets and rights.

Somerset Council told the Free Press this week it awaited Mr Odling-Smee’s purchase of the lease from Mr Taylor and his ‘wider refinancing deal’ for MPG which it understood to be in ‘the final stages’.

Mr Odling-Smee refuses to comment on articles written for the Free Press.