The design and engineering team of one of the world’s most prestigious mega yacht builders has now opened a new office at Venture Quays, East Cowes. Palmer Johnson builds some of the fastest, most luxurious and expensive yachts in the world.

The Isle of Wight Economic Partnership and SEEDA have been working with Palmer Johnson since 2006, and hope to finalise this inward investment by the end of 2007. The Cowes Waterfront partners have planning permission for a temporary production facility at Venture Quays, which could 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.”

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.”

To support the move, the Economic Partnership will shortly begin the co-ordinate 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 550300. The LSC and local training providers will also need to be involved assessing future training and employment provision across the local marine sector.

Palmer Johnson is an international company with operations in both America and Europe, and customers around the world.

If the proposed investment happens in East Cowes, Palmer Johnson will build 80 – 100ft sports yachts for their growing European Market.

The move has been made possible mainly by the Cowes Waterfront project, a joint initiative between the South East England Development Agency (SEEDA), IWEP and the Isle of Wight Council.

Peter Cusdin, Development Projects Director, SEEDA 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.”

On hearing the news, Cllr Andy Sutton, Leader of the Isle of Wight Council said, “this is excellent news for the Isle of Wight – our strategy for the local economy is based on encouraging new and home grown high value business to increase productivity and wealth – to have a company of the calibre of Palmer Johnson moving to our Island shows we are doing the right things.”