Thanks to the government’s Regional Growth Fund (RGF), the prestigious UK luxury yacht builder, Princess Yachts, now has access to a grant worth £4.6 million, as confirmed by Business Secretary, Vince Cable.
Luxury charter yacht PRINCESS LILY built by Princess Yachts
During a two-day visit to the South West, Dr Cable confirmed that Princess Yachts could start drawing down its £4.6 million grant to help the company invest over £35 million in a new superyacht hall. This investment has already created 290 jobs and helped safeguard 400.
Business Secretary Vince 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.”
Vince Cable has been leading development of the government’s industrial strategy which looks to the future and presents a long-term, whole of government approach to supporting British business, giving them the confidence they need to invest, hire staff and grow.
