Cornish boatbuilder Cockwells is poised to increase its workforce by 38 employees over the next three years.
The company secured a £1.88m investment from the Cornwall and Isles of Scilly Good Growth Programme.
Securing Significant Investment
Cornish boatbuilder Cockwells is preparing for a substantial expansion after securing an impressive £1.88m investment. This funding, sourced from the Cornwall and Isles of Scilly Good Growth Programme managed by Cornwall Council, will significantly boost the company’s South West shipyard operations. With this financial support, Cockwells aims to modernise its facilities to meet growing demand.
Enhancing Manufacturing Capabilities
The financial infusion will not only create additional job opportunities but also enhance manufacturing capabilities. Cockwells plans to utilise the investment to upgrade its fit-out halls at Ponsharden. These improvements will enable the production of the new Duchy 45 motor yacht on site as early as this year. The expansion is poised to double the annual expenditure with local suppliers to £3m, fostering regional economic growth.
The enhancements include a new joinery shop, expansive paint booth, and upgraded workspaces featuring modern reception areas, stores, and offices. Such developments are set to enhance operational efficiency and elevate product quality, laying the groundwork for Cockwells to uphold its reputation for high-end custom yachts and motor launches.
Development of a Training Academy
In addition to structural improvements, Cockwells is committed to developing skills through a new training academy. By collaborating with the Cornwall Marine Network, the company aims to fortify industry expertise in Cornwall and the Isles of Scilly. This initiative will expand upon the existing boatbuilding apprenticeship programme, initially launched the previous year, offering enhanced opportunities for skill advancement.
This training initiative reflects Cockwells’ long-term vision for nurturing talent locally. By investing in workforce development, the company is setting a precedent for industry collaboration and sustainable growth, ensuring the region remains a leader in maritime innovation.
Strategic Collaboration and Market Expansion
The recent acquisition of a majority stake by Pendennis Shipyard signifies a strengthening of strategic collaborations. Cockwells’ provision of bespoke tenders for Pendennis’ superyachts underscores a continued partnership aimed at capitalising on market growth both domestically and internationally.
Dave Cockwell, the company’s founder, expressed enthusiasm about the investment facilitating greater production capabilities. He stated, “Good Growth investment means we can build more boats simultaneously and with a faster delivery time, opening up new markets for our Duchy and Hardy brands both in the UK and globally.”
Local Economy Impact
The investment from the Good Growth Programme represents a direct boost to the local economy. By creating 38 jobs and increasing local supplier spending, Cockwells’ expansion will generate substantial economic benefits. The expected doubling of supplier engagement alone will reinforce economic stability within the area.
Moreover, Cornwall Council’s support highlights a commitment to fostering local business growth, reinforcing the programme’s aim to deliver outstanding returns on investment through skill development and job creation.
Sustainability and Environmental Considerations
Cockwells is not only focused on expansion but also on reducing its environmental footprint. As part of its growth strategy, the company will implement measures to cut carbon emissions significantly, ensuring the sustainability of its operations as they scale.
The modernised facilities will feature state-of-the-art technology and practices that align with global environmental standards, showcasing Cockwells’ dedication to sustainable enterprise.
Future Growth Prospects
The successful expansion and partnership initiatives position Cockwells for future growth within the maritime industry. The combination of enhanced manufacturing capabilities, strategic collaborations, and skill development programmes sets a robust foundation for increased market presence.
With an expanded workforce and modernised facilities, Cockwells is poised to strengthen its global footprint and drive innovation in yacht building.
Cockwells’ expansion signifies a notable advancement for the local maritime sector.
The strategic investments and collaborations are projected to yield significant economic and sustainable benefits.
