Italian yard Sanlorenzo has returned to being 100% Italian-owned.

Chairman and chief executive Massimo Perotti has bought back 23% of the company’s shares from Chinese company Sundiro Holding.

The shares were originally sold in 2013 to safeguard the company against the financial crisis, while simultaneously helping to develop the Chinese market for boats under 20 metres.

Talking to Italian newspaper La Stampa, Perotti explained the shares were resold to him as a result of the Chinese market failing to “take off” and Sundiro experiencing a liquidity problem.

The latest development comes after Perotti bought back the 16% stake previously sold to Fondo Italiano di Investimento last year.

It means the Perotti family now owns 96% of the company shares while Sanlorenzo management holds the remaining 4%.

Perotti said he expects revenue to increase by up to 20% in 2019 compared to 2018’s reported €380 million (c. £337,210,000).

He also revealed the company will invest €100 million by 2020, with 52% of that invested in new facilities, 42% in new products and 6% in research and development.

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