The co-founder of a celebrated classic yacht maker based in Ipswich says he will be taking a step back from the company after 30 years at the helm.
Sean McMillan launched Spirit Yachts along with the late Mick Newman back in 1993.
Today its craft workers make wooden yachts to the highest specification and they are sold around the world.
The crafts made include wooden sail and power yachts ranging from day sailors to superyachts. These can fetch anything from £300k to £5m - the most expensive yacht to date was £10m-plus.
Now a new management and ownership team is set to steer the business - whose 50-strong workforce makes yachts which are so highly sought-after they have featured in James Bond movies.
Mr McMillan is stepping back from his chief executive role to become a consultant designer and brand ambassador.
The business is now majority-owned by what is described as "a passionate group of Spirit yacht owners who have committed significant capital to strengthen future business growth", the company said.
It will continue under current managing director Karen Underwood, who will be supported by a production and design director yet to be appointed and Helen Porter, who is now marketing director and has been raising the profile of the company for the past eight years.
Mr McMillan will continue to be closely involved in the design of Spirit’s custom yachts working alongside its award-winning designer Tom Smith and the company’s in-house team of designers and naval architects.
Ms Underwood said: "Since Spirit Yachts was founded 30 years ago, Sean has instilled his creativity and vision into the DNA of the business.
"From humble beginnings in the Suffolk countryside to multiple award wins, yachts in two Bond films, and over 80 bespoke yachts located worldwide, Spirit Yachts is a unique success story that continues to push the boundaries."
The challenges today are greater due to supply chain hurdles, staff shortages, and the need to remain agile in the face of global events, she said.
But she added: "Our commitment to quality, beauty, and lowering the carbon footprint of our yachts remains at the heart of Spirit Yachts. With a full yard, a strong sales pipeline, and secure investment, the team and I are well-equipped to deliver a prosperous future.”
When Mr McMilland and Mr Newman started the business, they set out to offer yacht owners a beautiful, unique, and sustainably-sourced alternative to fibreglass production boats.
That goal remains at the core of the company’s ethos today, the company said.
The vessels are made using high quality, sustainable timber and incorporate the latest technology.
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