Princess Yachts is to cut more than 300 jobs from its Plymouth workforce next month

Princess Yachts is to cut more than 300 jobs from its Plymouth workforce next month. Although some employees have accepted voluntary redundancy, more than 260 of the job losses are compulsory.

Managing Director Chris Gates said that the number of redundancies is less than anticipated when the need for cuts was announced in March. “It’s a blow, but not as bad as it could have been”, he said.

The reduction in the number of redundancies has been partly brought about by cutting the amount of work farmed out to sub-contractors.