'Triple your money in three years' promises businessman behind Appledore Shipyard crowdfunding campaign

Connor Johnson says he guarantees to buy back £1 shares for £3 if the yard is reinstated.

The businessman behind a crowdfunding campaign to "save" a Devon shipyard says he guarantees to triple people's money in three years time.

Plymouth businessman Connor Johnson is trying to raise £400,000 to purchase the lease on Appledore Shipyard in North Devon, which closed earlier this year.

And what's more Mr Johnson, who is also the director of Patriot Yachts, says he guarantees to buy back people's shares for three times the price in three years time.

Babcock Marine, who previously operated the North Devon shipyard, closed the site earlier this year after the lease expired - meaning many of those who worked for the firm at Appledore now have to make a four-hour return journey to Plymouth for work.

Mr Johnson, who says he believes shipbuilding is his calling in life, desperately wants to see the yard reinstated and building boats.

And he says he has a firm business plan to do this.

Mr Johnson said: "I was brought up in Plymouth and my family worked at the docks there for years.

"I also have a boat building contract and business in Florida with Patriot Yachts.

"I have been speaking to the executive vice president of Italian shipbuilding firm Fincantieri, who is a friend of mine.

"He has told me that if we can secure the shipyard they will give us some work.

"They are a massive firm and are currently working on two enormous cruise ships for Richard Branson's Virgin company.  They also make military vessels.

"I am also in talks with a company in Germany and another in the Faroe Islands, both of whom have said they are interested in having work done at the yard."

However, in order to purchase the yard - the price of which has not been stated - Mr Johnson needs to raise £400,000 to unlock millions in further investment.

He said: "I've got an investment company who I work with who have said if I can raise £400,000 they will put up a further £4 million to £5 million.

"We've started a crowdfunding campaign on GoFundMe where I hope to raise this sum.

"I have also registered a company called Appledore Shipyard Ltd under which the yard will be operated."

The crowdfunding campaign states that for every £1 people donate they will get one share in the new company.

What's more, Mr Johnson is so confident his business venture will be a success, he has guaranteed to buy back those shares at £3 a share in the first three years.

Mr Johnson said: "I just want to see this place up and running again, it's got so much potential.

"It can be used for shipbuilding, catamarans, explorer ships, river cruisers and making parts for other, larger ships.

"I'm not a multi-millionaire or anything, I can't afford to put up the money myself.

"But I desperately don't want to see the yard bought by anyone else and turned into luxury flats - we'd never get it back again after that."

Mr Johnson says he hopes to use the money to get a lease on the site at first before potentially offering to buy the yard outright.