PRINCESS YACHTS FEEL THE CRUNCH
Sunday March 8th, 2009
The recession is rearing its ugly head everywhere and now we’re beginning to see it’s effects on the marine industry. Princess Yachts has announced a reduction in its workforce of one fifth. This follows a reduction in hours at the company’s Stonehouse base on January 5th, which was blamed on the credit crunch. The company claimed then that demand for small boats had dropped off significantly, whereas the demand for larger vessels has been virtually unaffected.
In January Managing director Chris gates had this to say. “It is, of course, impossible to predict how long this market condition will continue, or indeed whether it will worsen before improving again” he added “But we are optimistic that these measures will help protect our position during this difficult period.”
Unfortunately it would appear that things have indeed got worse and Mr Gates said of the latest blow to the workforce '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… but, regrettably, this will require a reduction of up to 450 employees.'
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