David King, founder of Princess Yachts, has died following a period of illness.
David founded Princess in Plymouth, UK, in 1965 and dedicated more than six decades to transforming a modest boatbuilding business on Plymouth’s waterfront into a respected, internationally known yacht manufacturer.
Although he stepped back from the day-to-day leadership of the business, David remained actively involved in the company until recently.
He continued to spend time with Princess’ development teams, contributing to the future direction of its products, discussing ideas with designers, engineers and the leadership team, while encouraging the next generation of workers and challenging them to make every new yacht better than the last.
Born in Dundee in 1942, David studied engineering at the Royal Naval College, Dartmouth, while serving in the Royal Navy.
It was there that he developed the technical understanding that would underpin his career and help shape his future.
Marine Projects
In 1965, together with two friends, David founded Marine Projects from a modest waterside shed in Plymouth.
This small venture went on to become the Princess Yachts of today, with British-built yachts enjoyed by owners in more than 100 countries around the world.
The company’s first boat, Project 31, sold for £3,400, however afterwards the three founders discovered it had cost £3,460 to build but by then it was too late.
They sold two more boats, and, almost before they realised it, they had become boat builders.
The mistake in the costings became one of David’s favourite reminders that every successful business begins with lessons learned and that the willingness to keep improving matters far more than getting everything right first time.
This was true of the early years of the company, which demanded ingenuity as much as ambition.
Britain’s marine supply chain was still in its infancy, and many of the skills and capabilities needed to build world-class yachts had to be developed from within.
What began as necessity became one of David’s defining philosophies: investing in people, craftsmanship and engineering expertise.
Export opportunities
In 1982, Princess launched the Princess 45, then the largest production motor yacht built in the UK, with the yacht’s success demonstrating that British manufacturers could compete at the highest levels of the global market.
The yacht opened the way to new export opportunities with exports accounting for more than 60% of production by the early 1990s.
The company received the Queen’s Award for Export Achievement in 1988 in recognition of its international success.
Today, Princess exports 90% of its production to more than 100 countries worldwide.
Throughout the decades, David remained loyal to Plymouth, continuing to invest in the city and the surrounding region and creating thousands of skilled jobs over the decades.
And his philosophy of investing in people also extended beyond the shipyard gates, following his beliefs that if he had the means to help, then he should.
Whether this was for arranging for Princess craftspeople and boat moulds to help communities in Sri Lanka rebuild their fishing boats following the devastating Indian Ocean tsunami in 2004 to supporting local charities close to his heart such as St Luke’s Hospice, or backing causes that mattered to Princess employees.
“David did this without the desire for public acclaim,” said a spokesperson from Princess Yachts.
“He believed that if he had the means to help, then he should. His kindness was practical, personal and almost always unseen.”
Enormous respect
Commenting on David’s death, Princess Yachts chief executive officer Will Green said Princess Yachts was synonymous with David.
“Characteristically, David never took credit for what Princess has become,” said Will. “He was always the first to recognise the contribution of others, and that humility earned him enormous respect throughout our industry.
“I’m sure the tributes for David will be about the company he founded or the yachts he created, and rightly so.
“Those achievements speak for themselves. What I’ll remember most, however, is the time he gave so generously to others.”
Will continued: “I was fortunate to know David not only as our founder, but also as a mentor.
“Particularly as I took on the role of CEO, his guidance, encouragement and quiet support meant a great deal to me and are something I will always be grateful for.
“David always looked to the future. So, I believe the greatest tribute we can pay him is to continue the work he cared so deeply about by building exceptional yachts with the same curiosity, humility and attention to detail that defined his life, ensuring the company he loved continues to flourish for generations to come.”
