The Good Growth investment is part of a £2.9m project by Cockwells Modern & Classic Boatbuilding to expand its South West Shipyard operation at Ponsharden, between Falmouth and Penryn.
Cockwells specialises in high-end custom yachts, superyacht tenders and motor launches, including the renowned Duchy and Hardy brands, for a global customer base. It employs more than 140 people and its order book reaches well into 2025.
Last month it was announced that Pendennis Shipyard had acquired a majority stake in Cockwells, cementing a history of collaboration with Cockwells providing bespoke tenders for Pendennis’ superyachts.
Thanks to the Good Growth Investment, Cockwells, which is headquartered at Mylor Bridge, will modernise its two fit-out halls at nearby Ponsharden, doubling production capacity and reducing customer delivery time to less than 12 months.
The project also enables manufacture its new Duchy 45 motor yacht on the site from this year, creating 25 jobs. In total the expansion is expected to create 38 jobs over three years and double Cockwells’ annual spend with local suppliers to £3m.
The improvements include upgraded workspace with reception, stores and offices, a new joinery shop and large-scale paint booth.
In line with Good Growth principles, investment in solar power, geothermal heating and planting 80 trees on site will reduce carbon dioxide emissions by some 26,000 tonnes.
Cockwells is also creating a high quality training academy in partnership with the Cornwall Marine Network to boost industry skills in Cornwall and Scilly, building on its boatbuilding apprenticeship scheme launched last year.
Cllr Louis Gardner, Cornwall Council portfolio holder for economy, said: “This is the latest direct investment by the Good Growth programme in a high quality Cornish business that will boost productivity and create skilled jobs in an important sector.
“It will also generate considerable additional spending in the local supply chain, returning our investment many times over and contributing significantly to the local economy.”
Cockwells’ founder Dave Cockwell, said: “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.
“We will be cutting our carbon footprint significantly and creating a more attractive working environment for our fast-growing team, while continuing to invest in nurturing new skills, talent and suppliers in Cornwall.”
The Cornwall and Isles of Scilly Good Growth Programme is a £137m local investment fund managed by Cornwall Council and funded by the Government’s UK Shared Prosperity Fund. Support for local businesses is a key plank of the investment programme, increasing trade and investment while inspiring green and socially responsible enterprise.