David King, one of the most influential people in the British yachting industry and in turn the global yachting industry, has died. The founder of Princess Yachts, King was 84 years old.
Born in Dundee, Scotland in 1942, King earned a degree in engineering while serving in the Royal Navy. In 1965, while still a naval officer, he and two friends rented a boatbuilding shed in Plymouth, England. They intended to launch a charter business, buying the hull and deck moldings for a boat that they also planned to build. Calling the 31-foot (9.45-meter) boat Project 31, they encountered challenges in securing charter deposits. They decided to sell the boat instead, for £3,400 (nearly $4,600). Soon afterwards, the partners realized it actually cost £3,460 ($4,679) to build. But, with two additional orders, they continued constructing boats. King left the navy, and their company, Marine Projects, delivered 150 units of the 31-footer through 1969. Marine Projects became the precursor to Princess Yachts, a name they adopted for their boats starting in 1970.
In the ensuing decades, larger yachts and larger facilities in Plymouth followed. So, too, did investing in as many trades as possible in house. Subcontractors in equipment, engineering, and other services necessary for recreational boatbuilding were just emerging in England in the 1970s. Even after independent specialists became more common, King kept Princess Yachts vertically integrated. The yacht builder remains largely that way, too, though it does work with contractors elsewhere in Plymouth and the larger southwestern England region. Additionally, King set up apprenticeships and relationships with local educational institutions to teach manufacturing and craftsmanship.
While Plymouth remained Princess Yachts’ home, its reputation began spreading globally in the 1980s. For example, the Princess 45, the biggest UK-built production powerboat at launch in 1982, was its first to open up new markets. Upwards of 60 percent of the Princess Yachts’ annual production range went to overseas clients by the early 1990s. Further under King’s watch, Princess Yachts received the Queen’s Award for Export Achievement in 1988. It currently exports 90 percent of its yachts and superyachts to more than 100 countries.
Despite the corporate and personal accolades, including several industry lifetime-achievement awards, King remained humble. He preferred shining the spotlight on the rest of the employees. Furthermore, he kept some actions out of the public eye, like sending staff and boat molds to Sri Lanka following a tsunami in 2004. The effort helped local communities rebuild their fishing boats. King also supported causes close to Princess’ employees.
While King handed over control of Princess Yachts some time ago, he remained an employee. Will Green, the current CEO (above), credits him with being a mentor. “When I first joined Princess, (he) would say, ‘Go on your competitor’s boats and ignore all the things you think are done badly. Look at the things that are done well. See if there’s something we can learn from, how others do things better. Then go on your own products and ignore all the things you do well and look at the things that we could do better. If you focus on those two things, then tomorrow you’ll build a better boat.’”
In a statement, Princess Yachts paid tribute to him. “He never sought recognition for what he had achieved,” it says. “The values he instilled remain woven into Princess and will continue to shape the company for generations to come.”
King, who died after an illness, leaves behind his wife and other family members.
Princess Yachts princessyachts.com
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