Princess Yachts International has won around £5m in financial backing from the UK government’s Regional Growth Fund (RGF) for the construction of a new production facility on the company's South Yard site in Plymouth.
The UK boatbuilder acquired the freehold to the 18-acre site on the Devonport Naval Base from Britain's Ministry of Defence last month.
The new facility will be used to build the Princess M Class range of 30m (100ft) yachts, bringing more than 1,000 direct and indirect jobs to the wider Plymouth region. It is expected to be operational by early 2013.
“I am delighted that the government has decided to back our investment in a new production facility to meet the global demand for larger vessels,” says Chris Gates, managing director of Princess Yachts. “This recognises the fantastic work being achieved by our company as it competes on a global stage from its Plymouth base.”
Vivien Pengelly, leader of Plymouth City Council, says: “We are delighted that Princess Yachts has won support from the Regional Growth Fund. The company is one of the biggest employers in Plymouth and is a local success story. Their ambitious plans will kick-start the regeneration of South Yard within Devonport dockyard and create a focus for excellence in marine engineering.”
Princess entered the superyacht market in January with the launch of the Princess 32M at this year's London boat show. The company is now working on the new flagship Princess 40M, a 130ft tri-deck yacht that is due for launch in 2012.
Princess says it has a strong forward order book and is confident of further growth in the large yacht market.
Source: IBIPLUS