Princess Yachts acquire Plymouth site
Princess Yachts has taken a step forward in further securing its place in the superyacht arena by acquiring the freehold of the South Yard site at the Deveonport Naval Base...…
Princess has been leasing the space for the past year during the build of their first in the series of M Class yachts, the first of which, the 32m M Class, launched at the beginning of this year.
The acquisition will allow for Princess Yachts to continue develop the site and also continue the growth of the company: they are currently seeking £35 million in funding from the Regional Growth Fund (RGF) in order to invest in the facilities at the site and create jobs.
Chris Gates, managing director of Princess Yachts International said: "Obtaining this freehold and then gaining RGF support to build these world class facilities in Plymouth will enable us to successfully compete in the global motoryacht and superyacht market,” said Chris Gates, managing director of Princess Yachts International. “These steps, together with our significant financial investment will help deliver a brighter future for boat building in Plymouth and across the UK."
It has been planned that the site will be fully operational by 2012/2013 and bring over 1,000 jobs to Plymouth and the surrounding area.
“We have been working very closely with Princess Yachts and are pleased to have reached agreement on freehold sale of the site in South Yard, enabling them to expand the impressive yacht building facility they are already developing on the site," said Commodore Steve Dearden, naval base commander.
Related Links
Princess Yachts Website
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