Princess goes for £5m government finding
Chris Gates: “secure the project”
SOUTH WEST: Princess Yachts has applied for up to £5m from the government’s Regional Growth Fund to kickstart its plans to build superyachts and create hundreds of jobs, writes Katina Read.
The company needs £35m to develop its new 100ft plus vessels, cover a shallow dock and build the first phase of a new high tech factory – parent company, French equity house L Capital will be approached for further funding.
The building already has planning permission and the company is hoping it will be completed by the end of next year, warning if this doesn’t happen and larger craft are not built it won’t be able to create the turnover needed to cover the development costs already spent and there could be a significant reduction in head count.
“We’ve committed to the bigger boats and have to find a solution,” said MD Chris Gates. “I'm pretty confident that if we can get the commitment through the RGF grant we will be able to secure the project in Plymouth.”
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