The transaction was made possible after an asset finance deal with Clydesdale Bank’s Financial Solutions Centre in Truro and took 14 months from start to operational status.

Ian Granville, Pendennis’ finance director said, 'This acquisition has increased our capability and has made us more competitive. Getting projects out of the water previously might have taken up to a week, now it can take a matter of hours. The travel hoist has been a very worthwhile addition to our infrastructure and has increased the haul out options that we can provide our clients.'

Clydesdale bank partner Peter Townsend, who arranged the asset finance for the acquisition added, 'It is a pleasure to support a west country based business which is not only involved in manufacturing and export, but one where the quality of its end products is a source of local, regional and national pride.'

Currently Pendennis has four refit projects in their yard, alongside two new build projects, a 55m motor yacht and a 30m sailing yacht.