The company behind the Isle of Wight harbour went into administration on Tuesday

Bembridge Harbour Improvement Company has been placed in the hands of administrators RSM Tenon after failing to secure a buyer.

The harbour, which is owned by a private consortium, was put up for sale in January
2009 with an asking price of over £3 million.

Bembridge Harbour is in an unspoilt conservation area with space for up to 600 boats. Its turnover is £500,000 per year but despite initial strong local interest, no buyers have come forward.

Maritime and Leisure Investments Ltd, which owns some of the buildings in the harbour has also been placed in the hands of RSM Tenon. It is thought the administrators will continue to run the harbour as a going concern.

The full story will be investigated in the June issue of MBM.