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    In the Marina, yesterday…

    January 9, 2009

    Two degrees Celsius, nil breeze.

    Today, The Irish Times reports:

    “The tide seems to have come in for Michael Chadwick’s investment in Dún Laoghaire Marina. This is judging by the latest accounts for his company, Marina Marketing Management Ltd, which runs the 800-berth facility that opened in 2001.

    Accumulated profits almost doubled to €920,525 in the 12 months to the end of March 2008 from €491,828 a year earlier, according to the abridged accounts.

    Its borrowings, however, shot up to €6.5 million from €3.4 million in the previous year, no doubt to pay for a major extension that added 300 berths to the facility.

    The borrowings from Bank of Scotland (Ireland) are secured by a fixed and floating (no pun intended) charge over its assets, which stood at a little more than €6 million last March.

    The accounts also show that Marina Marketing Management paid rent and a share of turnover totalling €906,018 to a subsidiary called Karnool, which is also controlled by Chadwick.

    No clue is given as to the company’s trading performance since its year end but with the economy no longer awash with cash, Chadwick must be nervous about the year ahead, especially as berth leases are up for annual renewal on April 1st.”

    What’s the guess for percentage price rise?

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