AN additional £38m of working capital is being invested into Dorset boatbuilder Sunseeker International to ‘accelerate its plans.’

With the backing of majority shareholder Dalian Wanda, the China-based conglomerate, the cash will be injected from now until 2023.

This will result in its range doubling to 22 models, quicker than originally planned.

The news represents a significant boost for the local economies of Poole and Portland where it has bases.

Sunseeker employs around 2,000 people and produces 150 boats a year.

Five new models will launch before the end of this year being the 90 Ocean, 88 Yacht, 65 Sport Yacht, Manhattan 55 and Predator 55, all against the background of a global pandemic.

In 2021, Sunseeker will launch its first production yacht with hybrid power.

Andrea Frabetti, CEO said: “This significant support reflects our shareholder’s belief in the entire Sunseeker team and its commitment to our business, brand and manufacturing in Dorset.”

The company has been back to full production since June designing, manufacturing and delivering what it describes as the world’s leading luxury performance motor yachts.

Mr Fabretti added: “I’d like to personally thank our clients, suppliers and employees for supporting us during what has been one of the most challenging periods the global leisure marine industry has ever faced.”

He said during the crisis, Sunseeker had remained fully focused on its strategic plan “to not only retain our market-leading position but to gain market share by remaining resolutely focused on innovation across multiple new and exciting niche models”.

“We have seen strong market confidence throughout this period and are very much primed for future growth and success.”

Originally named Poole Power Boats, the company was founded by brothers Robert and John Braithwaite in 1969.

The company changed its name to Sunseeker International in 1985.

In August 2013 a majority stake in the business was acquired by Wanda Group, the Beijing headquartered conglomerate.