Yachting place where Charlie is in debt (5)

I believe the answer is:

cowes

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'yachting place where' is the definition.
I can't judge whether this defines the answer.

'charlie is in debt' is the wordplay.
'charlie' becomes 'c' (phonetic alphabet: alpha, bravo, charlie etc.).
'is in debt' becomes 'owes' (I've seen this in another clue).
'c'+'owes'='COWES'

Can you help me to learn more?

(Other definitions for cowes that I've seen before include "IOW regatta location" , "IOW regatta place" , "Isle of Wight yachting centre" , "IOW regatta venue" , "IOW regatta town" .)

I've seen this clue in the Evening Standard.

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