A luxury yacht builder is investing in its Norfolk base in a bid to transfer production of larger boats to the region.
EDP/EADT Top100 firm Oyster Yachts, which has a base in Norfolk, wants to build more super sailing yachts in Southampton, which means Norfolk will be called upon to take a greater share of its existing workload.
Chief executive David Tydeman said this would involve upgrading its nine existing bays, and added he was awaiting planning permission for work on the Hoveton yard.
'We can use the Southampton yard for some of our bigger boats,' said Mr Tydeman, who joined the company in 2008. 'That's why I am willing to invest in the facility in Norfolk.'
It follows the sale of a £13m yacht to a rich international buyer last year, which is hoped to the first of a series of larger yachts.
However despite the show of confidence in the strength of the business, Mr Tydeman said uncertainty leading up to the EU referendum in June and the subsequent Brexit vote had affected buyers.
'The referendum has certainly led some people to defer decisions,' he said. 'And with the Brexit vote a number of people are still feeling uncertain.'
But hopes of filling 2017's order book have been lifted in recent weeks, with three 'significant' projects offering some encouragement.
Mr Tydeman added: 'The volatility is to do with the order book behind the boats in build. With a lot of handovers this summer in the first half of the year we are watching it very carefully. That's more about what we are going to have for 2017.'
Mr Tydeman added the turnover for the year ending December 2015 was about £42m, and would be around the same figure this year. 'We are fairly steady at between £42m to £45m,' he said.
All boats are built to order, and Mr Tydeman said between 15 and 18 were built each year, with prices ranging from just over £600,000 to £13m.
Is your business investing in its base? Email sabah.meddings@archant.co.uk
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