A further 40 jobs could be cut at Princess Yachts due to a reduction in wholesale boat orders.
It is understood the jobs could include managerial positions.
The UK-based boatbuilder has stated that it is ‘regrettably entering a consultation process that may result in a small number of redundancies’.
The decision, which Princess Yachts says has not been taken lightly, would ensure the company remains ‘strong, sustainable and resilient for the long-term future’.
In addition, Princess said it had recently seen a softening in forward orders from its global distributor network, despite a positive uplift in retail sales in 2025.
Economic and market conditions
“This reflects wider economic and market conditions that continue to influence discretionary spending and business confidence,” said Princess Yachts.
“In response, we are taking prudent steps to align our operations with current and projected demand.”
The boatbuilder continued: “We take extremely seriously our responsibility to safeguard the long-term success of the business for the sake of all of our employees, supplier and distributor partners and our customers.
World-class yachts
“We remain fully committed to our people, customers, and partners, and continue to focus on delivering world-class yachts and exceptional service.”
Over the last year, the Devon based boatbuilder has seen 240 redundancies in its production department.
Unite is hoping that some of the staff affected will be retained and return to the shop floor.
The boatbuilder has a workforce of around 2,900.
In 2023, Princess Yachts made a loss of £23 million before implementing a business turnaround which resulted in a profit of £4.9 million in 2024.
