Shipwright Sam Foster started Henderson Fletcher Yachts to manufacture high end, sail powered yachts and motor cruisers to be sold to clients worldwide via an international brokering network.
A 44ft hull, deck and basic superstructure has already been purchased for the first project, ‘Yacht Sofia’, with primary engineering taking place over the coming months.
The £39,500 CIOSIF loan will primarily be used to create new jobs, enabling the start-up business to begin its growth journey.
Sam, who has more than 20 years’ experience working for major boatyards in Bristol and Cornwall, said getting funding to get his new business off the ground was not straightforward.
“Once the initial build is complete the sales process can start, allowing the full fit-out to then be more bespoke,” he said. “This means however, that the business will have a pre-income period of heavy investment. We are excited to have secured a CIOSIF loan to help us through this stage.”