Liquidators to wind up charity that promised maritime centre for Porthcawl

Liquidators have been appointed to wind up a charity that planned to deliver a multi-million pound seaside development in Porthcawl.

Accountancy firm Menzies LLP has been appointed as liquidators of Credu Charity Ltd – a local organisation that was behind plans to deliver a £5.5m maritime centre in Porthcawl.

Rachel Lai, joint liquidator of Credu Charity Ltd and director at Menzies LLP, said the firm “will proceed to wind up the affairs of the charity with a view to mitigating losses for creditors”.

She added: “The business was marketed for sale but unfortunately no bidders came forward.”

Credu Charity Ltd emerged out of the Porthcawl Harbourside community interest company in February 2018 and has delivered services under different subsidiaries including education programmes for schools and tourist information.

The maritime centre was going to be built on Cosy Corner in Porthcawl.

Plans for Porthcawl Maritime Centre
(Image: Rob Browne)

According to The Gazette, members will attend a virtual meeting on Friday November 19, to consider a resolution to wind up the company.

Two councillors for Bridgend County Borough are involved in running the charity. Mike Clarke, an Independent councillor for Rest Bay, is chair of Credu while Norah Clarke, Independence Alliance leader and Nottage representative is secretary. Both councillors are also members of Porthcawl Town Council.

Bridgend Council gave Credu planning permission to build the maritime centre in November 2018.

In August 2019, BCBC granted Credu a lease to build the centre at a piece of land known locally as ‘Cosy Corner’. Plans for the development included a coastal science and discovery centre, a cafe, wine bar, roof terrace and micro brewery.

Earlier this month, the council reclaimed the land allocated to Credu for the maritime centre after the charity failed to confirm it had the funds to proceed with the development.

Construction had already begun on the site but came to a halt because Credu had not paid contractor Andrew Scott for work that began in January 2020. The company removed its equipment from the site in Porthcawl and entered legal proceedings with Credu, according to its director Mark Bowen.

Credu had previously acquired funds to build the centre from the European Regional Development Fund (£2.1m), Big Lottery Funding (£1.15m) and Visit Wales (£600,000). Additional costs were going to be covered by RBS Social and Community Capital and the Development Bank of Wales.

In August this year, Visit Wales withdrew from the project claiming it was no longer financially viable due to a “significant increase in project costs”.

The Local Democracy Service approached councillors Mike Clarke and Norah Clarke for comments but they did not respond.

Article source: https://www.walesonline.co.uk/news/wales-news/porthcawl-maritime-centre-credu-charity-19315555