Island Harbour in administration and Isle of Wight site to be sold

And unsecured creditors are being warned they are unlikely to get their money back.

A new buyer is being sought for the site at Binfield, on the outskirts of Newport.

Kevin Lucas, managing director of Lucas Ross, the firm handling the administration, confirmed a ballpark figure of just under £10 million was about right, as documents on Companies House show.

He said it "would seem unlikely unsecured creditors would receive any payment" but stressed it was early in the process.

• Read more: Isle of Wight restaurant at Island Harbour low hygiene rating

He said Island Harbour was still operating and they were "trying to keep disruption to a minimum, both for the harbour users and also for the onward sale of the site."

A buyer is being sought and offers have been coming in, he said, citing "significant interest" in the site, which is situated just outside Newport.

Mr Lucas confirmed Uavend Investments LLP, the previous owner, was now insolvent and the site would not be going back into the same hands. 

He said Island Harbour consisted of the marina site, berths, the freehold to parts of the site, and phases in development, including some apartments.

• Read more: Who is involved in the Island Harbour based businesses?

The Breeze restaurant has been confirmed as a separate entity and not part of the sale.

The lock gates are being repaired, and harbour users have access to the site, with visitors still arriving this week.

Interest is welcome for the paddlesteamer PS Ryde, lain derelict on the site and facing an uncertain future. 

The PS Ryde at Island Harbour. (Image: Newsquest)

One thing hasn't been made clear.

No-one seems to knnow for sure who owns the Spice Bus - famously used by the Spice Girls in the movie Spice World. Mr Lucas said it was early days and there were still some confusion over ownership.

The Spice Girls Bus at Island Harbour. (Image: Newsquest)

The administrator is Stephen Lancaster, who works for Lucas Ross.

Were YOU owed money? Let us know, on loril@iwcpmail.co.uk

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