Monday, June 17, 2024
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Princess Yachts confirms restructure

Around 90 staff at Princess Yachts could lose their jobs as the luxury boatbuilder confirms it is restructuring parts of its business after it was hit by supply issues.

The decision follows a review of its business operations and will build better resilience against future market or global challenges and create a leaner more agile organisation.

The yacht maker says it supply issues have meant it can’t build and sell as many boats as it would like.

The changes will affect a small number of management and business support roles across a number of departments, less than 3% of the total workforce.

The company is now entering a period of collective consultation with employee representatives to review the plans and opportunities within the new structure for those directly affected.

“Making any changes that directly affect people’s roles is always difficult.”
Will Green, Princess Yachts Ltd CEO

“This restructure comes after an extensive business review as we look to improve efficiencies and strengthen our business operations” said Princess Yachts Ltd CEO Will Green. “While we remain commercially strong with a healthy order book, we have not been immune to the industry-wide supply issues, and our ability to meet demand has suffered significantly as a result.”

He added: “Making any changes that directly affect people’s roles is always difficult and we have worked hard to ensure this disruption is kept to a minimum.

“But we have a responsibility to all our staff to ensure we have a profitable and sustainable business that is able to withstand any future headwinds.”

And he emphasised that with the plans that are now in place and with one of the strongest product offerings in the industry, Princess has the resilience for the long-term future of the business.

The boatbuilder was taken over by American based KPS Capital Partners in 2023.

A multi-million-pound expansion of the South Yard production facility was approved in late 2023.

Princess has previously said it has orders stretching into 2026.


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