The company running Neyland marina has marked its 40th year by purchasing the freehold of the marina site from the council for £1.16million.

Neyland Yacht Haven said it was delighted to announce the purchase of the 420-berth marina which had been a long-term aim of the company and cements its commitment to the future of the marina.

Neyland east councillor, Cllr Simon Hancock, welcomed the news and said it demonstrated the company’s faith in the area.

“In my experience Neyland Yacht Haven has been a very successful company down there and I’m delighted they’re showing this level of commitment to the community.

“It’s a very well managed concern and the sale shows a vote of confidence and faith in the area and their operation in Neyland. The transformation in the last 25 years is remarkable,”

he added.

The decision to sell the council’s freehold and leasehold interests in the marina was taken by Cabinet in December 2008 a council spokesman said.

“The consideration received by the council from the marina company was £1.16million,”

she added.

Yacht Haven has been trading since the early 1970s and now owns and operates sites all around the UK including marinas in Lymington, Plymouth, Wales, Scotland, and on the east coast.

This latest acquisition of Neyland’s picturesque marina at Westfield Pill is part of Yacht Haven’s ongoing development plan, it said.