On a visit to the Princess superyacht yard in Devonport this week, Business Secretary Vince Cable announced the government cash injection and praised the boatbuilder for its work in creating 400 new jobs in Plymouth
Princess has secured £4.6m of government funding to develop its superyacht facility at Devonport Dock’s South Yard in Plymouth.
As previously reported, Princess secured funding for its superyacht facility back in October 2011 from the Regional Growth Fund (RGF), which supports growing businesses.
On a visit to the giant hangar this week, where Princess is working on the latest boats in its 40M range, Vince Cable spoke of the impact the investment will have on the wider community with the creation of hundreds of new jobs.
Cable said, “Growing businesses like Princess Yachts and Plessey Semiconductors 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.”
Subscribe to MBM – you can now get the iPad edition when you subscribe in print for no extra cost.