Sales at Princess Yachts almost double as it plans £100m investment

Plymouth-based luxury super yacht company Princess Yachts has almost doubled its order book this year as it embarks on a £100m investment programme.

The company said that orders following the Cannes Yachting Festival reached a record £640m – 85pc higher than at the same point last year.

It put the surge in demand down to the weakened value of sterling, which has increased interest from overseas buyers who get an effective discount on purchases.

Antony Sheriff, the firm’s executive chairman, said that Russian and Chinese buyers had begun to re-enter the market after a period of lower sales from those regions, and that the firm had benefited from repeat business from customers upgrading to a larger boat.

Princess Yachts employs 2,500 people at its Plymouth manufacturing site, and has been trading for 52 years. Since 2008 it has been backed by US private equity firm L Catterton, which also owns retailers Sweaty Betty and Pepe Jeans.

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