| UK. Move to megayacht refitting earns Pendennis Shipyard a Cornish Business Award |
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; "Pendennis joint managing director Mike Carr")
| Tuesday, 30 May 2006 | |
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Company news: The successful diversification of its core business has generated over £4.5 million additional revenue for Pendennis Shipyard since its introduction and, as a result, it has won the Best Diversification Award in Cornwall Enterprises' inaugural Cornwall Business Awards 2006 hosted on 18 May. The new awards encouraged businesses from all sectors to celebrate the thriving business environment in Cornwall and showcase their success in entrepreneurship and innovation. Judges included, Lord Edward George, former Governor for the Bank of England; Sir John Banham, former Chairman of Whitbread; David Brewer, Lord Mayor of London; Paul Myners, Chairman of Marks and Spencers; John Smith CEO of BBC Worldwide and Tim Smit from the Eden Project. Pendennis Shipyard was created in 1988, employs over 200 staff constructing and now refitting private motor and sailing yachts from 100 - 170 ft. This award acknowledges the company's successful implementation of its shift from purely new build to offering an additional refit strategy. The initiative, now in its second year is working at full capacity and taking advance orders into its new Refit Complex into 2008. The successful diversification has resulted in a 380 per cent increase in the number of yachts in the Pendennis yard from 2004. This increase in volume of work has grown turnover by 152 per cent and profits by 260 per cent in the same period. To meet this demand, the workforce has also grown by 24 per cent in a single year. The key challenges facing this new business venture were twofold. Firstly, the Pendennis team had to convince the key influencers amongst their target audience - mainly the captain and crew of the privately owned super yachts - that Falmouth was a viable location for the refit of their vessel. This meant not only promoting the expertise of the organisation but also the attractions of Falmouth and Cornwall as a visitor destination. This has been achieved with Falmouth being chosen over the more traditional refit locations found in the Spanish, French and Italian ports of the Mediterranean. The second key challenge has been to recruit the appropriately skilled staff to meet this new demand. To address this Pendennis partnered with Marine South West and the South West Regional Development Agency (SWRDA) in the newly built Marine Skills Centre. The centre is currently training 20 young apprentices for the yard to bolster the company's competencies in the refit trade. Mike Carr, joint managing director for Pendennis said: "The successful implementation of our refit strategy has allowed the company to tap into a lucrative market that compliments our traditional new build business. Not only has it benefited Pendennis but also our network of local suppliers with whom we spent £2.55 million in 2005 alone." John Berry, managing director for Cornwall Enterprise said: "Pendennis is an exemplary ambassador for business success in Cornwall and forms a leading part in one of the county's key business sectors, marine. The sea has played a key role in our history and the economy continues to draw on the skills and resources built up in the maritime sector, creating an important business cluster for the region. "Pendennis is one of many successful maritime-related firms in Cornwall, its not just boat design and shipbuilding we have companies investing here that work in diverse areas from advanced electronics to undersea exploration. "This award recognises vision, drive and determination when it comes to business opportunity and market insight. We look forward to supporting Pendennis and the sector as it continues to grow with market leading products and services." All award winners will go forward to the 2007 National Business Awards, the independent programme recognising business excellence across the UK. |
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| Last Updated ( Tuesday, 30 May 2006 ) |
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