Superyacht group buys Falmouth boatbuilder
Pendennis Shipyard has bought Cockwells Modern & Classic Boatbuilding as part of the businesses’ growth plans.
Cockwells employs 140 people across three sites in Cornwall and had been seeking support to continue its growth.
Superyacht group Pendennis has taken a majority stake in the company, which designs and builds superyacht tenders and motor yachts.
The two businesses have worked together for many years with a number of Pendennis superyachts having commissioned Cockwells’ highly-customised tenders.
Dean Short, managing director of Cockwells, said: “Cockwells has been actively seeking support in the marine sector to move the business to the next phase in its business plan – including the production of this year’s new model, the Duchy 45.
“Fellow Falmouth-based superyacht builders and refitters, Pendennis, are perfectly placed to provide that support and we are delighted to be moving forward with them.”
Pendennis is a £70m-turnover group that consists of Pendennis Shipyard, a dedicated superyacht service facility in Falmouth; a Mediterranean marina and Technical Service Centre near Barcelona, Pendennis Vilanova; and a luxury bespoke interior manufacturer, Norfolk Interiors.
Toby Allies, managing director of the Pendennis Group said: “Partnering with Cockwells will expand Pendennis’ offer to our client base within the superyacht sector.
“Cockwells’ activity complements our core group strategy and with the company’s strong forward order book and ambitious plans for expansion, we are excited to welcome Cockwells to the Pendennis Group.”
Cockwells will continue to operate independently with the existing management team headed by Dean Short, with founder Dave Cockwell retaining his role of sales and technical director.
