Plans for a multi-million pound marina development in Fishguard have fallen through.

This morning (Thursday) the Conygar Investment Company released a statement to the London Stock Exchange, writing off their £2m investment in the Fishguard / Goodwick Marina Development.

Conygar said: "Conygar has been informed by Stena that they do not wish to have any further involvement in the proposed marina development and do not wish to proceed with the reclamation works of the harbour.

"Stena state that they are concerned that the marina development will interfere with the operation of the harbour and their ferry operations. They will also not support the promotion of the Harbour Revision Order, which is necessary to progress the development.

"Stena's withdrawal means that the project cannot proceed.

"Conygar will therefore write off £2m of incurred costs in the results for the six months ending 31 March 2018. This write off equates to 3 pence per share."

Robert Ware, Chief Executive of Conygar, commented: "We are disappointed that after nearly seven years of working in partnership with Stena, they have decided to withdraw their support for the Fishguard Waterfront Development, making it impossible for us to proceed with the plans.

"We firmly believe that the development would have been of significant benefit to the local community and to businesses in and around Fishguard and Goodwick."

Niclas Mårtensson, CEO of Stena Line, said: ”We have had a constructive cooperation with Conygar and we feel that we have given valuable contributions to the project during seven years.

"But after reviewing our operations and based on the developments we are planning on the Irish Sea we have taken the decision to withdraw from this marina development project because we need to focus all resources on our core business.

"We are fully committed to a long-term future for our ferry operations from Fishguard to Rosslare which can be demonstrated by our plans for significant investments”.

Outline planning permission for the development was granted in April 2012.

The planning consent gave Conygar permission to construct 253 residential apartments, a publicly-accessible promenade, a public slipway and a visitor centre and Stena to build a substantial platform that would facilitate the potential expansion of the existing port.

Pembrokeshire County Council said it was disappointed with the news.

A spokesman said council officers have invested a lot of time with both Conygar and Stena in support of their aspirations for Fishguard and Goodwick.

A statement said: "It is particularly disappointing that after all the time and effort expended by all parties, Stena has chosen to unilaterally withdraw from the scheme."

Councillor Paul Miller, Cabinet Member for Economic and Community Development, said:“From my perspective this is disappointing news both for Fishguard and Goodwick and North Pembrokeshire as a whole

“Having met with the Conygar Chief Executive, Robert Ware, in London this morning (Thursday) it would appear that in the last few days Stena - the ferry operator which holds the land interest surrounding the port - has unilaterally withdrawn from participation in the scheme.

“This makes it impossible for Conygar to proceed with the development envisaged.

“It is clear we need to radically rethink our approach to economic development in Pembrokeshire and a short formal review process will commence immediately.

“A summary of the findings of that review will be made public in due course.”

Scleddau county councillor Samuel Kurtz added: "This is hugely disappointing news for Fishguard and Goodwick, where a marina has been talked about for over 25 years.

"Although not without its flaws, the marina could have brought real development and economic benefit to the area."

Conygar has previously pulled out of plans to create a marina in Pembroke Dock and a Sainsbury's store in Haverfordwest.