Princess Yachts is to shed up to 450 jobs, more than one fifth of its workforce.

Princess Yachts is to shed up to 450 jobs, more than one fifth of its workforce. Managing Director Chris Gates said the cutbacks would enable the business to meet the challenges being seen across all industries and match production capacity to the changing demand.

“We have concluded that, despite market conditions, Princess has the strength to sustain a workforce of around 1,700, a figure similar to that of 18 months ago”, he said, “but, regrettably, this will require a reduction of up to 450 employees.”

Production staff at Princess’s base at Stonehouse in Plymouth have been working reduced hours since 5 January in an attempt to safeguard jobs.