Pendennis buys major stake in boatbuilding company

Pendennis Shipyard is based in Falmouth

A superyacht building and remodelling firm has bought a majority stake in a boatbuilding company, bosses have confirmed.

Pendennis Shipyard, based in Falmouth, Cornwall, has added Cockwells Modern and Classic Boatbuilding to its group.

Toby Allies, the managing director of the Pendennis Group, said the two companies had a long history of project collaboration.

The director and founder of Cockwells, Dave Cockwell, said his company was entering a "significant phase of growth" after Pendennis Shipyard took a majority interest.

Pendennis Shipyard described itself as one of the world’s "leading superyacht refit and custom build facilities".

It said it employed more than 550 tradespeople.

Mr Allies said: "This shared history forms a great foundation for future growth and development of the Cockwells brand".

Mr Cockwell, whose business is also in Falmouth, added: "With a growing client base seeking new and larger models in both our Duchy and hardy fleet, joining forces with Pendennis Shipyard and integration into their group will enable us to meet customer demand more effectively while advancing our development plans for our south west shipyard production site.”