New port owners say Great Yarmouth will benefit from purchase

Great Yarmouth river port and outer harbour. Photo: MIKE PAGE

Great Yarmouth river port and outer harbour. Photo: MIKE PAGE - Credit: Archant

The new owners of Great Yarmouth port, believe the town will benefit from the company's link to major national docks.

Peel Ports Group, which also owns docks in major cities such as Liverpool, Manchester and Glasgow, purchased the Norfolk town's port for an estimated £50m.

The company hope that the port will grow under their helm, and hope to create future job opportunities in the town.

Graeme Charnock, chief financial officer for the company, said: 'Great Yarmouth is a welcome addition to our portfolio and it is very exciting times for the town and for us, as it is our first acquisition in a long time.

'It is still very early days at the moment and the business will continue through the existing infrastructure, but we feel that this move will bring together customers and commodities served by both businesses and present a good base for exploring future growth opportunities in the medium to long term future.

'This includes decommissioning, where Great Yarmouth's market position has the potential to further enhance Peel Ports existing strategic assets.'

Peel Ports Group, purchased the port from International Port Holdings - which trades as Easport UK - last week.

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Norfolk Euro MP Richard Howitt stated the port was bought for an estimated £50m.

Great Yarmouth is the latest addition to Peel Ports which is the second-largest operator of ports in the UK.

Mr Chanock, said: 'Some might ask us 'Why Great Yarmouth?,' but geographically for us the move makes a lot of sense. On the east coast we only own one port - which is Sheerness in Kent - so this move allows to expand our business by providing geographical and commercial diversification.

'The move can help both ourselves and Great Yarmouth port, as Great Yarmouth has a very strong gas market which is something we can benefit from, and in Liverpool we do lots of grain import, which is something Great Yarmouth does and in return will also benefit from.

It is believed that the move will enhance Great Yarmouth and its expansion as the premier port servicing the Southern North Sea oil and gas sector whilst expanding and diversifying into grain exports, aggregate imports and off shore wind construction and servicing.