Camper & Nicholsons Marina (CNMI) have announced that Miral Asset Management LLC, the owners of Yas Marina in Abu Dhabi, have exercised their no-fault option to terminate the management contract with the company. The contract generated operating revenue and net profit of €1.4m & €0.4m respectively for CNMI in 2014. Miral will be absorbing the business and staff associated with the contract into their own operating company by 30 September 2015, subject to the contractual obligations entered into in 2011, which will give rise to a one-off payment, of an amount to be determined, to the Company.
CNMI have said that they continue to seek new management contracts, to provide them with secure and predictable revenue and cash flows and that they have continued to make progress towards finalising the contract for the Victoria Quay development in East Cowes. The exchange of final contracts remains contingent on financing, the date for signature of which has been extended to 30 September 2015.
Notwithstanding the changes to the Yas Marina relationship and the management time invested in the Victoria Quay development, the Board report that the good progress made in 2014 has continued into the current year with both sales and gross profit ahead of what was achieved in the same period last year. They also say that they anticipate achieving improved positive EBITDA in the full year, assuming no significant adverse exchange rate variations.
Camper & Nicholsons Marina sees Abu Dhabi contract terminated : CNMI