Stat of the day: £35m

The amount luxury boat maker Princess Yachts is planning to spend on a new facility in Plymouth.

by Elizabeth Anderson
Last Updated: 09 Oct 2013
As British consumers continue to feel the pinch, there are signs that parts of the luxury goods market in Britain is quietly reviving. Luxury boat maker Princess Yachts is planning to invest £35m in a base in Plymouth, according to the FT, as it looks to create more vessels.

Yacht sales dropped sharply during the recession, as even the super-rich cut back on extravagant spending, but Princess is hedging its bets that the new rich in emerging markets such as China will want to own a yacht of their very own (starting from between £6m-£12m - a snip). And it appears the company might have a case for being optimistic: even though construction hasn't started on the new yachts yet, one has already been sold to an overseas buyer.

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