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Business as usual at Abel Point

by Daniel Morcombe on 8 Sep 2011
Meriden Marina Abel Point marina Airlie Beach Race Week media
Just weeks after receivers moved in on the Port of Airlie development, Meridien Marinas have been dealt another blow with Abel Point Marina going into receivership last Thursday. Corporate advisory firm McGrathNicol was appointed receivers and managers of the marina.

They were also appointed to look after the Meridien owned Horizon Shores Marina at Woongoolba, between Brisbane and the Gold Coast.

McGrathNicol Brisbane office partner Jamie Harris said the corporate advisory firm had met with management and staff at the marinas and looked forward to working with them to continue operations as usual.

'We understand that tenants and the owners of boats stored and maintained at the marinas have placed significant trust in the businesses,' he said.

Mr Harris said tenants and owners would be provided with information regarding the ongoing operations and would continue to provide 'excellent facilities and services' at the marina.

Mr Harris confirmed that the receivers and management would also look to improve operations going forward, including taking into account feedback from staff and customers regarding potential enhancements to the businesses.

Meridien Marinas managing director Russell McCart said it was a 'very unfortunate event' and Meridien would be working closely with the administrators to return the business back to profitability. 'Abel Point and Horizon Shores Marinas are both excellent assets and have a great future and will continue to trade very well,' he said.

'The receivers have re-employed all marina staff and will continue to operate as usual, without disruption. 'The combination of the ongoing GFC and strong Australian dollar has created difficulties [in] trading conditions for Australia's boating industry.'

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