The prominent UK luxury yacht builder, Princess Yachts, was delighted to play a host to the UK Secretary of State for Business, Innovation and Skills, Vince Cable, during his recent tour of the South West of England.

Chris Gates (Managing Director of Princess Yachts), Vince Cabel (Secretary of State for Business, Innovation and Skills) and Ian Duffin (Finance Director) - Credit to Plymouth Herald

During his visit the Business Secretary confirmed that Princess Yachts can now begin drawing down on the £4.6 million Government Regional Growth Fund (RGF) grant awarded in 2011. Princess won financial backing from the RGF for a major investment to create a world leading boat building facility at the company’s South Yard site. The investment has already created 290 jobs and helped safeguard a further 400.

Dr Cable said: “Growing businesses like Princess Yachts that are creating high tech, and highly skilled jobs are precisely the sort of companies that the government wants to support.

“Through the Regional Growth Fund, and more widely through our long term industrial strategy, government can give business the clarity and confidence to invest for the long term. That creates growth, and jobs for people here in the South West and all across the country.”

The South Yard site is being used to build Princess’s M Class yachts, a range of 100-foot plus vessels developed to meet the growing global demand for craft of this size. With the first of these craft having been launched to great acclaim the Company is confident of further growth in this market. Launched in January 2011, the debut M Class craft, the Princess 32M (example is motor yacht Antheya II), has gone on to win multiple awards and in 2012 Princess launched their flagship Princess 40M (examples is superyacht Imperial Princess), a 130-foot tri-deck yacht, which has already received an award for ‘Best Production Motor Yacht’ at the Asia Boating Awards and has received multiple awards nominations worldwide, the results of which will be announced in the coming months.

Princess 40M Yacht Imperial Princess

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”.