The design and engineering team of one of the world’s eminent mega yacht builders, Palmer Johnson, has opened a new office at Venture Quays, East Cowes, Isle of Wight, as a result of the support of the Isle of Wight Economic Partnership (IWEP) South East England Development Agency (SEEDA) and UK Trade and Investment (UKTI) Palmer Johnson has been working with the three organisations (IWEP SEEDA, and UKTI) on the project since 2006, and hopes to finalise this inward investment by the end of 2007. Palmer Johnson will build 80 – 100ft sports yachts for its growing European Market at the proposed investment in East Cowes. The investment follows the implementation of the Cowes Waterfront project, a joint initiative between SEEDA, IWEP and the Isle of Wight Council to encourage investment into the Medina Valley. The Isle of Wight Council has given Palmer Johnson planning permission for a temporary production facility at Venture Quays, which will initially create up to 65 valuable jobs. A spokesman from Palmer Johnson explained, “Cowes Harbour is considered a prestigious location in the yachting world. In our area of luxury mega-yachts, image and quality are major selling points. The Isle of Wight also gives us excellent connections to our growing European customer base. In addition we sense that we will be able to recruit the right workforce, possibly attracting skilled workers back to the Isle of Wight.” Director of Trade & Investment for UKTI South East and SEEDA, Lewis Scott, commented: “I am delighted that Palmer Johnson chose the Isle of Wight for the location of their new European Operation. The investment underlines the importance of SEEDA's strategy to support the marine sector in the Solent and signifies the benefits of effective cross team working between SEEDA, UKTI and the Isle of Wight Economic Partnership.”
Mike King, Managing Director of the Isle of Wight Economic Partnership said, “This is really exciting and shows how projects like Cowes Waterfront combined with the growing awareness of the Island as a business destination, brings new opportunities. Having Palmer Johnson here in East Cowes will certainly raise the profile of the whole Island with important clients visiting to view progress on their new yachts.” As part of a package of support , the Economic Partnership will shortly begin the co-ordination of a recruitment open day. Initially efforts will focus on the recruitment of skilled aluminium welders and those in the fit-out trades. Those interested in registering an interest need to contact Matthew Hill on +44 (0) 1983 550300. The LSC and local training providers will also need to be involved assessing future training and employment provision across the local marine sector. Development Projects Director, SEEDA, Peter Cusdin, commented: “The decision to focus on Venture Quays is directly influenced by the potential to develop a bespoke waterside facility in the future. This is a major economic opportunity for the Island with the successful attraction of this type of investment being absolutely critical to our plans to regenerate this famous waterfront site.”