Plans to regenerate Newlyn Harbour have been put on hold after £3.2 million (€3.9 million/$5 million) of European Fisheries Fund cash was turned away by the harbour commissioners.
The £5 million (€6 million/$7.8 million) scheme would have provided the UK port with a new fish market, auction room and office space. But the commissioners would have had to take out a loan of £1.7 million (€2.1 million/$2.7 million) to cover the funding gap.
The commissioners, who are paying off debt, decided to agree a new plan to regenerate the harbour. Gilbert McCabe, chairman of Newlyn Harbour Commissioners, explained there wouldn’t be any money left in the bank to cover contingencies.
"We hope to trade in profit by the end of the year, but if you're in the red, you don't take on extra debt," he said.
[Source: BBC News]
