Cardiff-based Marine & Property Group (The Marine Group) has acquired Watchet Marina in Somerset.
The value of the deal, concluded by Marine Group with Watchet Harbour Marina and Somerset West and Taunton Council, has not been disclosed.
The Marine Group has commenced a major programme of works to upgrade the harbour , including a comprehensive dredging campaign which by the summer will ensure that adequate water depths are available within the marina.
The company has pledged to invest up to £500,000 improving its newly acquired asset.
Christopher Odling-Smee, director of the Marine Group, said: “Watchet is a proud and beautiful town and we owe it to the community to deliver a harbour that reflects it’s potential as a destination and a fabulous place to live.
"We are pleased to also welcome the existing marina employees to the company and to count them amongst our team."
Marcus Kravis the lead member for asset management at Somerset West and Taunton Council said “We are delighted to be working with The Marine Group and support their plans to invest in Watchet. Their development plans will bring welcome investment, jobs and enliven the harbour."
Marine Group also operates marinas in Cardiff, Burry Port, Aberystwyth and Port Dinorwic.
