Sutton Harbour shares slide on East Quays site update

22nd Mar 2013 14:57

Shares in AIM-listed Sutton Harbour slid on Friday after the company issued an update regarding its East Quays site in Plymouth.The company had previously reported that approximately one third of the site had been reserved for the development of new premises for the BBC. The company holds live planning consents for two development options for residential and commercial space on the site. As a result of delays to the overall development the company said it had recently been advised that the BBC no longer intended to relocate to Sutton Harbour. Consequently, the company reported that it and the BBC had finalised terms to extinguish all previous agreements between them in connection with the site without incurring further material costs to either party. Sutton Harbour said it was following up other lines of interest.Shares in Sutton Harbour were down 6.0% to 23.50p at 14:23 on Friday.MF