Princess secures Government funding
Princess Yachts International has won backing - thought to be around £5m from the Regional Growth Fund for construction of a new production facility.

The Plymouth based boatbuilder acquired the freehold to an 18-acre site on the Devonport Naval Base from Britain 's Ministry of Defence last month and plans to use the new facility to build a range of 30m yachts, bringing more than 1,000 jobs to the area. It is already Plymouth 's second largest private sector employer, with just under 2,000 employees, and supports several hundred supply chain jobs.

Plans to create the boat building facility at the company's South Yard site were approved by Plymouth City Council last year, following which the company sought a Government contribution to help secure approval for this major investment from its French parent company.

“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,” said MD Chris Gates. “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, all of whom clearly recognise the significant contribution we bring to the City of Plymouth as a strong local employer."

The company entered the superyacht market in January; it is now working on a new flagship Princess 40M, a 130ft yacht that is due for launch in 2012 and says it has a strong forward order book and is confident of further growth

Currently 90 per cent of its production is exported.

The new facility is expected to be operational by early 2013.

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