THE company which runs Hayle harbour is operating at a huge loss and being propped up by developers ING, it has emerged.

Members of the town's residents' group claimed the company has no exit strategy and are concerned that council tax-payers will be forced to pick up the pieces when the Dutch multinational moves on.

Figures obtained from Companies House show that Hayle Harbour Management Ltd is running an annual loss of more than £424,000. A profit and loss account for the end of 2007 includes a 'sundry expense' of £276,798 against a turnover of just £53,468.

Town councillor Bob Amos said: "Ensuring the viability of a maritime harbour is a vitally important issue for the community. There currently appears to be no formal business plans setting out how they are going to restore a viable working harbour.

"This issue needs to be put under the microscope or I fear it will just be left and left until we run out of time."

ING's director of project management, Hamish Calder, has been brought in to consider the issue and said it was his intention to get the harbour running at a break-even position as soon as possible.

The company has contacted Hayle Harbour Advisory Committee (HHAC), the representative body of the harbour users which oversees the running of the harbour, to suggest actions required to balance the books.

A meeting will take place between representatives of ING and members of HHAC on October 21.

A company spokesman said: "The published accounts indicate this will be a difficult task, but the costs do include a significant portion associated with running the estate around the harbour and excluding these costs makes the task much more achievable.

"However, the revenue generated is around £53,000 and if it is an unrealistic prospect to increase harbour dues, then the running costs must reflect the revenue generated.

"Having invested significantly into the project to date, it is vital that the harbour is put on a sound financial footing to ensure its future is secured in support of the wider regeneration plans for the area."

Deputy mayor and HHAC member John Bennett told the town council last Thursday that Mr Calder had some positive ideas, but warned there was no guarantee that the harbour would stay open. "There is a huge difference between the income and expenditure and people are right to be worried that this deficit cannot be maintained," he said.

Former mayor Brian Capper said: "They are obliged to keep operating the harbour as a port but funding is another issue."