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Uk's Biggest Boatbuilder Axes Hundreds Of Jobs As Recovery Fails To Materialise

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http://www.telegraph.co.uk/finance/newsbysector/industry/12083177/UKs-biggest-boatbuilder-axes-hundreds-of-jobs-as-recovery-fails-to-materialise.html

Princess Yachts, Britain's largest boatbuilder, is cutting hundreds of jobs as the global economy continues to struggle.

The Plymouth-based business will make 350 of its 2,300 workers redundant, with job losses expected to come in March.

The timing of the news is unfortunate for the business, coming just days before the the start of the London Boat Show, where Princess will be the largest exhibitor.

It also highlights the choppy waters that the business operates in, with Fairline - which was once part of Princess - collapsing into receivership in December.

Chris Gates, mananging director, said the jobs would go as the company had finished a sustained period of product development, introducing a new class of superyachts, as well as adding to its mainstream range.

The global recovery goes from strength to strength. Seems the rich don't believe the hype even though they are getting richer.

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living in plymouth i can certainly say that this will have a huge effect on the city. I deal with many suppliers who deal with P.Y. and they are feeling the pinch.

Really feel for the workers laid off, as other large employers have also been making redundancies in the last 6 months. My suppliers are giving excellent prices as they really need the work.

on a brighter note, plenty of greedy BTL will find suddenly the rent is no longer flowing in.

the 2016 recession is starting to hit plymouth hard. Im just keeping my head down and waiting to buy a sensible home at a sensible price. But waiting for the worst the pass sometime towards the end of this year or start of 2017.

the economy is tanking signs everywhere.

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http://www.telegraph.co.uk/finance/newsbysector/industry/12083177/UKs-biggest-boatbuilder-axes-hundreds-of-jobs-as-recovery-fails-to-materialise.html

The global recovery goes from strength to strength. Seems the rich don't believe the hype even though they are getting richer.

I don't understand why all these people with houses gaining value aren't spending the money .... Even just a small boat would help.

I do feel for the people being made redundant of course.

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Fairline went IVA a while back too IIRC.

In terms of sub-superyacht boats, I think Fairline, Princess and Sunseeker are the BMW, Audi and Mercedes of their industry. If they were based in Kraut-land the EU would have subsidized them by now.

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Interesting as sun seeker have been advertising jobs available on the south coast on local radio today due to a large order book for 2016, looking for carpenters, grp engineers etc

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Reading the article further on it suggests the order book is growing and customers will not have to wait longer for their boats

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Interesting as sun seeker have been advertising jobs available on the south coast on local radio today due to a large order book for 2016, looking for carpenters, grp engineers etc

SS have a decent order book, but they have some slight edges over princess that have helped. They have a larger global network of dealerships, brand new management team from the auto industry. Leading design (princess are years behind, always copy SS designs) bespoke units, all extras as standard, princess are off the shelf but cheaper. SS tends to have much larger boats, much more choice but at a cost.

So there is the market out there but it still isn't as busy as pre 2008. Its just getting more competetive.

Sunseekers previously had the cast off management from princesses last purge running the show, their leadership also ended with 300 redundancies at Sunseeker 12 months ago.

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