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TOPIC: Bembridge Harbour Trust not selected as the preferred bidder for harbour.

Bembridge Harbour Trust not selected as the preferred bidder for harbour. 8 years 6 months ago #1

Received from Mike (Samuelson) (Hon Sec BHUG):-

Ladies & Gentlemen - I thought that you would wish to be aware of the message below that has just been issued by the Chairman of the Bembridge Harbour Trust. It is obviously very disappointing that the Trust's bid for the harbour has not been selected. The Trustee's have put an incredible amount of work into preparing their bid for which, certainly in my view, we should be extremely grateful. There is of course still much water to flow under the bridge.

As ever - Mike (Samuelson) (Hon Sec BHUG)

Message from Michael MacInnes
As you may know, Bembridge Harbour Trust lodged a bid with the Administrators for BHIC Ltd and the assets of M&LI Ltd on 31st October.

The Agents acting for the Administrators advised BHT on Monday, 7th November, that we had not been successful in being selected as the preferred bidder.

This is most disappointing after all the fantastic support that we have received since the BHT project started from Founder Members, the local Community and many others.

The preferred bid is now subject to due diligence and the Agents say they hope to close the sale by the end of the year.

An enormous amount of work went into preparing our bid. It was most carefully and thoughtfully worked out as being absolutely commercially fair and reasonable based on our extensive knowledge of the Harbour, its business and its future prospects under our care. We also took into account the very large essential costs of the required dredging, repairs and other important improvements, for which we obtained independent expert confirmation.

We are certainly not closing the door on our objective of acquiring the Harbour outright or being involved in some other way in its future ownership and management on behalf of all the local Communities as much may still happen; we need to be patient and responsible. The long history of Bembridge Harbour has been full of surprises.
Michael MacInnes
Chairman
Bembridge Harbour Trust
9th November 2011
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