Future confidence from UK superyacht companies buoyed by Government visit

The success of the UK superyacht industry was high on the Government’s agenda last week as British Marine and its association Superyacht UK hosted a significant visit by International Trade Minister, Mark Garnier to UK companies showcasing at the Monaco Yacht Show.

The UK’s superyacht industry, which employs 4,244 FTE, posted its fifth consecutive year of growth and the highest ever revenue at £615m. Contributing £450m to the UK economy last year, exports grew in the sector at their fastest rate for seven years, with increasing demand from outside of the EU. Some 90 UK companies are exhibiting at the global superyacht Show which runs from 27-30 September 2017.

In a further boost for the industry, the Department for International Trade (DIT) has arranged for 10 UK companies to attend the Show and push their products to international clients and buyers. The trade mission will allow them to grow their export potential for their luxury goods and services, helping the UK’s superyacht serve and support businesses to continue as world leaders.

Howard Pridding, Chief Executive Officer, British Marine said: “We were delighted to host the trade minister for a full day’s visit at the Monaco Yacht Show yesterday. By meeting with some of the leading players Mr Garnier has a full appreciation of the capability of the £615m UK superyacht sector.

“We have enabled British Marine and Superyacht UK members to demonstrate some of the issues facing the sector’s continued success, ensuring the minister now has the necessary understanding to go away and explore opportunities for future support. Three in five of our members are confident about the future but it is vital to ensure the industry has the assistance it needs for sustained achievement.”

International Trade Minister Mark Garnier said: “At the Monaco Yacht Show last week, UK businesses were sailing ahead with their world – renowned skills and expertise. We’re a global player in the marine engineering and manufacturing sector and provide boats for some of the biggest clients in the world.

“As an international economic department, we are supporting this sector by helping new and existing exporters realise their global potential through tailored trade missions and a team of International Trade Advisors.”

The visit to Monaco continues the strong interest the International Trade Minister has in the marine industry. Last November, the Minister led a British Marine organised roundtable event enabling key industry leaders to meet with Government to discuss post-Brexit opportunities  and the support the industry needs to ensure a smooth transition. He then attended the London Boat Show in January to follow up on this activity and continue discussions with member companies.

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