The restructuring of Princess Yachts has resulted in 172 job losses, down from the firm’s original estimate of 350

Princess Yachts has confirmed that 172 of its workers have lost their jobs as a result of the recent restructuring at the Plymouth yard.

The shake-up was announced in January, at which point Princess estimated that as many as 350 jobs could be lost.

Speaking to the Plymouth Herald, a spokesperson for the firm said: “Thanks to positive engagement with the workforce and trade union representatives, and a number of employees seeking voluntary severance, the company has been able to minimise the impact of redundancies.”

Meanwhile Dave Springbett from workers’ union Unite, told BBC News: “The fact the union and management together have managed to protect the number of compulsory redundancies by a big margin is good news, but that shouldn’t take away from the drastic effect it’s going to have on some workers.”

One of the biggest employers in the South West, Princess Yachts still employs more than 2,000 people in Plymouth and recently established an out-placement service to help the 172 former employees find new work.

The firm recently exhibited at the London Boat Show, where it launched the Princess 75 (pictured above).