After 30 years with Plymouth’s luxury boat-maker Princess Yachts Chris Gates has stepped down as managing director just days after the firm announced record profits of £30million.
Mr Gates, who started his career as an engineering apprentice, will remain with the company as a special advisor to executive chairman Antony Sheriff.
Mr Sheriff, together with the Princess Yachts executive team, will continue to lead the company as chief executive in addition to being executive chairman.
Meanwhile, Matt Pears has joined the executive team and board as chief operating officer and has been appointed to oversee the yacht firm’s manufacturing, supply chain and quality operations.
Mr Gates decided to use his 30-year milestone to cease being MD, a post he has held for 11 years, and Mr Sheriff said: “Chris’s contribution to our company’s success is immeasurable and it is fitting that Chris’s last year as MD has been the most successful in our company’s history.
“We are grateful to retain Chris’s enormous experience within Princess in his new role.”
Mr Gates started his working life in 1981 learning on day-release and at night-school at what was then the College of Further Education, now named City College Plymouth.
That was while he was working at the large US engineering company Gleason Cutting Tools. He completed a HNC in mechanical and production engineering at the college in 1981 and worked for the toolmaker, which closed its Plymouth operation in 2010 with the loss of 80 jobs, until 1989.
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He then joined Princess Yachts as a production controller, and went on to become manufacturing director in 1991 and ultimately managing director, the top job, in 2008.
He was one of five inspirational and high-achieving further education alumni handed prestigious Association of Colleges’ (AoC) Gold Awards in 2018.
Mr Gates was recognised for his achievements at a well-attended presentation ceremony at the House of Commons.
The national awards celebrate the success of further education alumni and acknowledge the vital role colleges play in building the foundation of successful careers.
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Other winners include Jamie Oliver, Colin Firth, Jimmy Choo, Alan Titchmarsh, Deborah Meaden, Baroness Warsi – and Plymouth’s own Charleine Wain.
Princess Yachts employs 3,200 people in Plymouth and has just revealed it made a £30million operating profit in 2018 on turnover of £340million.
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The Stonehouse headquartered company has set new records for yacht sales and employment and is celebrating its most successful year in its 54 year history with forward orders worth £700million and stretching through 2020.
Financial results for the 12 months to December 31, 2018, showed record turnover of £340.3million, up £65.9million, that's 24% on 2017.
There was also a record operating profit before exceptionals of £29.8million, up £10.9million, or 173%. EBITDA (earnings before interest, tax, depreciation and amortization) for 2018 was £32.8m up from £14.9millio in 2017.
In 2016 Princess Yachts brought in Antony Sheriff, former managing director of supercar manufacturer McLaren Automotive, as executive chairman, and pumped in a £100million investment.
The company’s five boatyards in and around Plymouth are now all working at capacity and the firm said it is continuing to invest in product development, and quality and manufacturing efficiency and will be launching several new ground-breaking models in the coming months, including the highly anticipated X95 flagship X Class Yacht and the V55 V Class sports yacht.
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To contact William Telford: william.telford@reachplc.com