Sutton Harbour Holdings (AIM:SUH) has secured an extension to the repayment of a £1.6 million term loan that was due at the end of this month, it said in a statement on Thursday.
The Plymouth-based marine and waterfront regeneration company, which is listed on the AIM market of the London Stock Exchange, said it has agreed with bank creditors to pay part of the loan this month and delay the repayment of the remaining 44% of the money until December.
The company said that under the extension it will need to pay £900,000 of the loan on 31 October, which it plans to fund using the net proceeds from the sale of Harbour Arch Quay apartments.
It said it expects to conclude the sale of the final apartment in the development in November and pay down the remaining £700,000 of the debt by 13 December this year.
The company runs Sutton Harbour Marina, King Point Marina and Plymouth Fisheries, providing mixed-use lettings, car park and support services to harbour users, as well as property management and regeneration in the area.