City sources have suggested that Princess Yachts is up for sale.
As reported by Mark Kleinman for Sky News, private equity group L Catterton is looking for a buyer for the Plymouth-based yacht-builder.
Insiders told the publication that the formal process has not yet begun, but would be happening in the coming months.
It is understood that bankers at Macquarie have also been hired to oversee the sale.
Princess is a legacy portfolio company; investment was made in 2008 by L Capital, predating the 2016 merger with Catterton which formed L Catterton.
Princess is fully complying with all sanctions regulations and is not supplying yachts to Russia or to any persons connected with Russia.
Historically, sales to Russian citizens were de minimus.
As reported by Plymouth Live at the end of March, Britain’s largest luxury boat manufacturer sold £64m of vessels at just one boat show in the USA, with the company stating that the five-day Miami International Boat Show was an “exceptional commercial success”.
Meanwhile, the police detained a £38m superyacht at London’s Canary Wharf in March under the UK’s sanctions regime against Russia. The Department for Transport said it worked with the National Crime Agency and the Border Force Maritime Investigation Bureau to identify and ultimately detain the vessel.