Cardigan-based Swallow Boats has received more than £90,000 from the Welsh Assembly Government’s Economic Growth Fund; this will go towards a £200,000 project to construct a workshop adjacent to its current facility and to purchase moulds for a new 25ft yacht that it intends to launch.

Managing director Matt Newland — son of the founder — said: “If this investment hadn’t gone ahead, we would have had to look for manufacturing partners overseas, and our operation in Wales would have become a design, sales and marketing business, with significantly fewer employees and no scope to grow and create jobs in Wales.

“The expansion will provide opportunities for local people to be trained as boat builders; we are also keen to employ graduates in design and engineering positions.”