Princess Yachts to create world leading superyacht facility
08/11/2011
Plymouth based Princess Yachts International has won significant financial backing from the UK Government’s Regional Growth Fund (RGF), which has enabled the company to secure a full investment of £35 million for its Devonport dockyard in Plymouth.
Plans to create a ‘world leading’ superyacht manufacturing facility at the company’s South Yard site were approved by Plymouth City Council last year. The company subsequently sought the Government contribution to help secure approval for the overall £35 million investment it required from L Capital, the French parent company.
The new production site will be used to build Princess M Class yachts, a range of 30m plus vessels. The new facility, which is planned to be operational by early 2013, will 'create or secure over 1,000 jobs both directly and indirectly in the wider Plymouth economy' according to a statement from the company.
Princess Yachts exports 90 per cent of its production. It is Plymouth’s second largest private sector employer, with just under 2,000 employees.
Last month Princess Yachts completed the purchase from Defence Estates of a freehold interest in the 18-acre South Yard site within the historic Devonport Naval Base.
Chris Gates, managing director of Princess Yachts, said: “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. This recognises the fantastic work being achieved by our company as it competes on a global stage from its Plymouth base. We are extremely grateful for the local support given to us during the application process, including our local MPs, the leaders of the Council and the numerous business and community leaders.”
Princess entered the superyacht market this year with the launch of the Princess 32m long range cruising yacht at the London Boat Show in January 2011.The company is also working on the new flagship Princess 40m, a tri-deck yacht to be launched in 2012.
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