"End Uncertainty" - East Cowes Boat Builder's Plea Over Venture Quays Purchase

The CEO of Wight Shipyard is urging the Isle of Wight Council to put an end to the "uncertainty" over the future of the firm - and its staff - by purchasing the Venture Quays site.

Peter Morton says the last thing the boat building company needs is the "instability of not knowing where we're going to be", especially after the coronavirus crisis.

As Isle of Wight Radio previously reported, the council has until the end of the month (July) to decide whether it is going to buy the land in East Cowes - which also includes the Albany warehouse and space at the back of the site.

The council has been in talks with the land's owner Homes England to purchase it for many months. However, question marks remain over whether the local authority can afford it, given it has already been left with a £10 million deficit due to coronavirus.

Mr Morton is urging the council to move ahead with plans. He says much-needed improvements need be made to the Columbine building, but he will not be carrying them out until the firm has some "security".

Speaking exclusively to Isle of Wight Radio, he said:

"We need to spend some money on the building. It leaks. But, we're not going to do that until we know that we're not going to get thrown out and a foreign investor comes in and puts a dry-stack or a pub in there."

A figure of around £1.3 million has been touted to buy the site. Mr Morton says Wight Shipyard would cover that cost in the way of rent.

He said:

"The figures I have agreed with the council [to lease the site] effectively cover all of those borrowings. So the land at the back and the Albany building will effectively be owned by the Island, hopefully for local homes, for zero [pounds].

"Go ahead and purchase it. We'll cover the costs by way of rent. We'll cover the capital payments by way of rent. We'll have a good landlord who supports the industry and the Island will have a good asset in 100 years time that can still support local employment."

Isle of Wight MP Bob Seely has also backed the council's bid. He says he "very strongly" advises it pushes ahead with plans.

“I fully understand the role of the council officers, their legal responsibilities and the need to be clear about the financial situation. The Council officers have responded exceptionally well to the ongoing Covid situation and I am very grateful to them for their work.

“On this occasion I believe that the Councillors should override the advice of officers and purchase Venture Quays, striking a decent deal with the shipbuilding firm there that helps to protect jobs whilst giving a decent return to the Council.

“I have another meeting with a minister on this issue next week.

“The saga of East Cowes and ensuring its future has taken a decade and a half. It has been a remarkably painful process which has not shown central Government decision-making at its best. 

“When I became the MP I was determined to press ahead and make sure we concluded a deal on this site that supported jobs and wealth creation on the Island. Working with the Council, we are on the verge of getting a much better deal than was on offer only a year ago. We need to finalise this deal and move on to other pressing issues.”

Cabinet members will meet next Thursday (9) to decide whether or not to proceed with the purchase.