A boat builder hopes to create 120 new jobs after reaching an agreement to refurbish a derelict warehouse site.

CTruk has agreed a lease for Fieldgates in Haven Road, The Hythe, which it will use to build large vessels for offshore wind farm projects.

It has also revealed ambitious plans for new offices and a training centre on the site.

The Brightlingsea-based company has applied for a grant from the Regional Growth Fund for the training centre project.

Colchester Council has praised the plans, which could transform the derelict site into a manufacturing hub.

CTruk hopes to complete the majority of building work by the end of 2015.

Company chairman Peter McIntosh explained the company needed a new space to allow it to build larger vessels needed for challenging sea conditions.

He said: “This requirement is the main driver for our planned expansion, but the technology centre, with its in-house training facility, would also see us well placed to diversify into other commercial marine sectors, set up overseas agreements and also apply our composites expertise to non-marine manufacturing opportunities.”

The company is also looking to work with Colchester Institute and Essex University for recruitment, apprenticeships and technological expertise.

Mr McIntosh stressed the move would not see the company move out of Brightlingsea.

Anne Turrell, Colchester councillor for economic development and regeneration said, “Colchester Council has been actively working with CTruk for some time to help bring forward this significant proposal for the Fieldgates site at the Hythe.

“We are excited about the progress that has been made so far and the potential for further economic development and employment for the local community.”

Cyril Thomas, chairman of Hythe Forward Community Land Trust said, "We are delighted and encouraged by the news of CTruk’s arrival in the Hythe because it fits well with a number of our core objectives.

“We welcome the potential work opportunities and investment that CTruk could bring into the Hythe and hope that this will send a positive message to others who may be considering exploring opportunities here that could benefit our community."

CTruk expects a decision on grant funding support in early 2015.

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