Schooner yacht in race off the Isle of Wight with cutter St Leonards? in the background

This watercolour depicts a two-masted schooner yacht in starboard broadside view with cliffs in the distance on the left. There is a boat in the right foreground and another two-masted schooner and a cutter in the right background. The mount is inscribed ‘Schooner yacht in race off the Isle of Wight. Cutter. St Leonards in Background (possibly). F Tudgay’.