Having started boatbuilding in 1782, C&N became one of the most powerful brand names in the marine world - perhaps as powerful a name as Rolls Royce once was in the automotive world.

Among the boats produced by the yard have been some of the finest J-Class America's Cup boats of the 1920s and 30s.

Shamrock IV and Shamrock V were both Charles Nicholson designs built for Sir Thomas Lipton.

Endeavour II wasanother C&N J-Class built for Sir Thomas Sopwith.

The connection with J-Class boats remains, with Velsheda -originally built by C&N in 1933 - having just been put back in the water after a return to the yard to prepare for the 2003 summer regatta circuit.

After being an acknowledged leader for decades at the top level, C&N seemed to fall out of favour a few years ago. The yard lost its glamour and became just another yard in Gosport.

Then it fell into the hands of shipbuilder, Cammell Laird, and began to make a return to the top level, targeting maxi boats with a repair and refit facility using a massive dry dock in Gibraltar.

Then Cammell Laird failed in spectacular fashion and the predators began to circle.

Coming out on top - a surprise to many - was the Italian shoe magnate, Leonardo Ferragamo.

C&N was hardly a foot on the bottom rung for Ferragamo. He had already bought Nautor's Swan in 1998.

Ferragamo welcomed C&N into the Nautor Group, with Pat Lilley taking over as managing director. Lilley had - for some 23 years - been John Irving's partner in Irving & Lilley, the UK agent for Nautor. So the move to run C&N in its initial stages seemed natural.

And Lilley was no stranger to the Gosport facility.

"I came back from America in 1972 and started working for Lloyds of London as the skipper on Lutine , the Nicholson 55 that was moored at the C&N yard in Gosport, " Lilley told me.

"When I stood up in front of the workforce as managing director two years ago, there were a couple of voices from the back saying 'we know you - you're the old skipper off Lutine ', " he said. "So life, for me has really come full circle."

Lilley's managerial background came from running a transport company in Wales. "I was used to dealing with a workforce, but moving into the manufacturing side was a challenge, " Lilley said.

But he used the challenge to put the yard back on course to be a top contender again.

"There were lots of anomalies here, " he said. Such as the joinery shop with a staff of 26. "But it was 1 1/2miles down the road."

That joinery shop has now been relocated back to the main yard (the old joinery is now North UK's new sail loft).

"The aim is to turn C&N back into the yacht yard it always was, " says Lilley. "So we've invested heavily in people and apprenticeship schemes."

Other changes have made the site more logical and made the work flow smoother, while the building also needed work to make it meet fire and safety requirements.

Lilley also put in place the procedures necessary to achieve Lloyds Register Quality Assurance ISO 9001:2000.

"When your product is luxury yachts, quality is the issue, " he said.

With the Nautor connection, it was obvious Campers would benefit. Campers has worked on race preparation for all the boats for the Swan Europeans in Cowes this year and all the Swan 45s for this season.

The yard has also attracted race work on Grant Dalton's Amer Sport I and Lisa McDonald's Amer Sport II , Ellen MacArthur's Kingfisher andEmma Richards' Pindar .Along with the race preparation on top boats has come greater investment in composite technology.

"We brought in Nick Harvey to head our composites R&D, " he said. "He was project manager on the Assa Abloy boats and he'll be working on our new motorboat."

The powerboat - designed by Ray Hunt - is still cloaked in secrecy. "You 'll hear more towards the end of this year, " promised Lilley.

Giorgio Bendoni is a 44-year old former Italian Navy officer with a degree in Marine and Naval Sciences. He comes to C&N with a great deal of management experience, recently with an international helicopter sales, management and maintenance organisation.

He also sails Olympic dinghies and keelboats.

With Bendoni ensconced as managing director, Lilley moves to vice chairman. He will have a long term role with C&N, advising on sales and strategy. At the same time, he will focus more on his role within Irving & Lilley.

"It'll be nice to get back to selling boats again, " he said.