CEO Will Green commented on the challenges facing the company in a letter to his employees, emphasising that the decision to cut jobs was made because of the responsibility to the remaining staff. Princess Yachts reported a pre-tax loss of £69 million in 2022, highlighting the need for change and efficiencies.
Factors behind the difficult situation
The company's difficult financial situation is attributed to a variety of factors, including rising costs, supply chain disruptions and political conditions, which have put additional pressure on the business. Nevertheless, Green says there is hope for a comeback for the brand, supported by a strong order book and investment from KPS Capital Partners, which acquired the company in March 2023.
Princess Yachts prepares for recovery
Although the current redundancies follow a smaller round of cuts of 40 office workers earlier this year, Princess Yachts plans to continue to introduce new models such as the S80 and S65 to build a more robust business and prepare for an expected recovery in the market. Plymouth MP Luke Pollard described the job cuts as "terrible news" and emphasised the importance of the company to the local economy.
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Influence on the trade fair appearance in Düsseldorf?
However, the current developments have no influence on the company's planned trade fair appearance at the upcoming "boot" in Düsseldorf. As the trade fair reports, Princess will be represented as planned with six large yachts, including an S65, a Y85 and the Princess Y72 in Hall 6.
Torsten Moench
Editor in Chief BOOTE
