UK

Princess Yachts to cut 260 jobs, employees told

Elliot Ball
BBC News, South West

Chief executive said the past year had been "the most challenging commercial conditions in the company's history"

Plymouth-based yacht builder Princess Yachts has told employees it will shed hundreds of jobs, blaming market conditions and the government's Budget.

In a letter from chief executive Will Green to employees, seen by the BBC, he said the firm's hourly paid workforce would be cut by about 260 roles.

Mr Green said the last year had been "the most challenging commercial conditions in the company's history" and the Budget had "severely impacted" its recovery plan.

The BBC has contacted the government for comment.

In the letter, Mr Green said the Budget had "targeted businesses to generate additional tax revenues".

"To remain on track and achieve our plan, we must make some further adjustments to our business which, despite our efforts to avoid it, unfortunately means making some redundancies," he said.

Those affected were told to expect a letter notifying them and providing more details on the process ahead.

'More sustainable future'


A consultation would begin with about 500 employees who are potentially affected, it said.

The main areas affected would include feeder factories, development, fitout, outside crew, quality and other operational support, the letter said.

Mr Green concluded the letter by saying: "We need to continue to make the business stronger and more agile and these regrettable actions, together with the good work that is happening throughout the business, will underpin a more sustainable future."

Princess Yachts has been contacted for further comment.