[Lrgyot]

Devonport Yachts Ltd confirmed as privately owned company

By IBI Magazine/Michael Howorth

The UK's Devonport Royal Dockyard Ltd (DRDL), having been acquired by Babcock Marine, took the decision last year to exit the yachts market following a review of its planned naval workload over the next three to four years.

Since that announcement, a period of detailed discussions have taken place out of which an agreement was reached with Babcock/DRDL for a new company, Devonport Yachts Ltd, to acquire the Devonport superyacht brand. This, coupled with confirmation of funding from a private investor, means that company is now privately owned.

The new business will be headed by former DRDL yachts director Stephen Hills. "Having now left DRDL to become managing director of Devonport Yachts Ltd, I am currently in active negotiations to take the business forward," Hills told IBI. "This is an extremely exciting time for the brand and we remain committed to building and delivering further great yacht projects in the future."

A further announcement will be made in Monaco on September 23.
(25 August 2009)