The boatbuilder has secured an undisclosed sum for investment in its Devonport dockyard facility as part of the Regional Growth Fund

Plymouth-based Princess Yachts International has won financial backing from the government’s Regional Growth Fund (RGF) for a major investment in its Devonport dockyard facility.

The size of the award has not been made public, but it will go towards the construction of a new £35 million boatbuilding facility at the company’s South Yard site.

Plans for the new facility within the historic Devonport Naval Base were approved by Plymouth City Council last year. It will create or secure over 1000 jobs both directly and indirectly in the wider Plymouth economy and is planned to be operational by early 2013.

“I am delighted that the government has decided to back our investment in a new production facility,” said Chris Gates, Managing Director of Princess Yachts.

The new building will initially be used to build Princess M Class yachts.