Future of business depends on it
A luxury yacht company in Plymouth is trying to stop a seawall collapsing at its manufacturing base.
Princess Yachts says substantial repairs are needed to reinstate the structure at Newport Street in the Stonehouse part of the city.
The company has applied for planning permission from Plymouth City Council for the work.
It says the structure is in poor condition because of its location in the tributary to the River Tamar where it is subjected to the changing heights of the tide.
In addition, the seawall to the north of one of the company’s units has loose or missing stone blocks and is “bulging and cracking”.
Ongoing movement to the wall puts it at risk of “greater disrepair” and “potential collapse” according to it agents The Bailey Partnership.
The proposals, which include demolishing part of a unit at the site, would make sure the wall and surrounding structure stay safe and extend their operational lives.
“The proposals will safeguard the buildings and ultimately the economic activity within Princess Yachts,” said the agents.
The company, founded as Marine Projects in 1965, now has a workforce of 3,000. It has built around 17,000 luxury yachts since then, which is roughly 270 a year.
Its turnover rose to £315 million in 2022 from £308 million in 2021 on which it lost over £25 million due to a surge in costs.
However, Princess Yachts says it has invested millions in new product design and an expansion of its manufacturing facility which has resulted in orders of £750 million.
The company says these developments will be the “driving factors to its long-term growth.”
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