Boating Business June 2022

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boatingbusiness.com

JUNE 2022

Person Behind the Face 6 | Business Matters 10 | Marketing 16 | Heating & Air Conditioning 20 | Profile 28 | People 30

PRINCESS YACHTS TO BE SOLD?

News

Lessons learnt Production expands BoatLife sponsor Death investigation pages 1-9

Seawork Preview Princess Yachts could be put up for sale with reports stating asset managers at Macquarie have been hired by the boatbuilder’s owners to find a buyer for the company. The news follows a number of valuable yachts worldwide being seized by governments around the world as part of sanctions against Russian owners. In a statement, Princess said it has intensively invested to renew and grow its product range and its shareholders are now considering starting discussions with potential investors to provide financial support for its further growth plans. “Princess is now firmly Britain’s largest luxury boat builder, and the demand for Princess models has never been stronger with retail sales exceeding 300 boats a year and a near $1 billion forward order book stretching well into 2024,” said the statement. The statement said the boatbuilder is at full capacity with

8 The Princess F55 is one of the boatbuilder’s latest models

a primary focus on expanding facilities and employment to respond to the unprecedented level of demand. As part of its growth plans, the boatbuilder wants to double the capacity of its South Yard facility to increase its product offering. L Catterton and its predecessor entity has backed the business since 2008. During the pandemic, Princess negotiated a cash injection from its controlling shareholder as well as a refinancing of its debt. The boatbuilder saw a difficult 2020 due to the Covid-19 pandemic with turnover reduced to £244m during 2020 from its 2019 turnover of £314. In November 2021, Princess announced it was looking to expand production capacity following the rise in demand for its boats.

25th anniversary New thrusters Suspension seat pages 12-19

Luxury Yachts

20% more to try boating A new sustainable product showcase area is just one of the enhancements planned for this year’s Southampton International Boat Show. The designated area will enable exhibitors to show and promote their eco-friendly products in one central place in the show. The sustainable theme continues the push on sustainability from show organisers, British Marine (BM) with 2022 being the fourth year of its environmental charter which aims to minimise the impact of the show on the environment. The show – taking place a week later than usual – will

have a layout similar to that of 2021, with the entrance again at Westquay, leading to an enlarged watersports and dinghy zone. Other initiatives include plans to get an additional 20% of people on the water. “We’re going to do this by providing more means to get people out onto the water,” explained BM CEO, Lesley Robinson. “Last year people could only turn up on the day which is not practical for some families. We’d like to be able to release some spaces and allow people to book in advance.” Early bird ticket sales for the show have now closed, with more than double sold compared to 2019 – pre Covid.

Visit Glamox at Seawork on stand D59

Acoustic solutions New fridge range Composite hardtops pages 23-26

C-Quip Marine Equipment, distributors for Glamox High-Performance Lighting.

www.cquip.com C-Quip Eighth strip June 2022.indd 1

09/06/2022 10:00


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