Marina bosses have played down suggestions they need extra help putting together a £200 million revamp.

Parkridge Developments is applying the finishing touches to detailed plans to transform Brighton Marina, including an extra 4,600sqm of retail space and 1,500 homes.

Industry magazine Property Week claimed Parkridge had now decided to look for a new joint venture partner to help get the project up and running.

However, managing director Philip O'Callaghan said: "That was a slight misinterpretation. This is nothing new at all.

"If we're going to spend between £100 million and £200 million, it doesn't all come out of our pockets.

"It could be our existing bank, Anglo-Irish, or it could be someone else like the Royal Bank of Scotland that helps.

"We're looking at options simply as a reflection of the size of the plans, which are going forward, but we may have to consider a new partner, not because we haven't got any money but it was always going to take up a lot of cash."

Parkridge has previously won council backing for its masterplan for the marina.

The firm has invested £40 million in the Waterfront building, which opened in November 2002 with bars, restaurants, shops and a boutique hotel.

The new proposals include two 14-storey cylindrical towers combining apartments and shops in the Merchant's Quay area, a transport interchange, an illuminated entrance and better cycle lanes.