UK boatbuilder Princess Yachts has warned that a reduction in orders means it is making cutbacks that could lead to redundancies across management positions.
It’s reported that around 40 jobs are at risk.
In December 2024, the firm made around 250 layoffs at its Plymouth shipyard, citing market challenges. In August 2025, nearly 1,200 Princess workers secured a 6.5 per cent pay rise after voting in favour of industrial action.
Accounts filed in September 2025 show that Princess Yachts has returned to profit after a challenging period. Revenue reached £378m for 2024, up from £276.3m in 2023, according to accounts filed with Companies House. The results also indicate a pre-tax profit of £4.9m for the 12 months, recovering from a pre-tax loss of £23m the previous year.
However, the increase in sales has been met with a softening in forward orders, according to the firm.
In a statement shared with MIN, Princess Yachts says: “Princess Yachts has recently seen a softening in forward orders from our global distributor network, despite a positive uplift in retail sales this year. This reflects wider economic and market conditions that continue to influence discretionary spending and business confidence.
“In response, we are taking prudent steps to align our operations with current and projected demand. Regrettably, this includes entering a consultation process that may result in a small number of redundancies. These will be limited to salaried and management positions and represent less than 2 per cent of our total workforce.
“This decision has not been taken lightly. Princess Yachts has delivered on an ambitious business turnaround over the last two years to return the company to sustainable profitability. 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.
“Taking these steps now will help ensure that Princess Yachts remains strong, sustainable and resilient for the long-term future. We remain fully committed to our people, customers and partners, and continue to focus on delivering world-class yachts and exceptional service.”
Labour MP for Plymouth Sutton and Devonport Luke Pollard told ITV: “Princess Yachts plays a key role in Plymouth’s maritime sector and contributes significantly to the local and national economy.
“They export nearly everything they make and employ thousands of people in Plymouth. I’m in touch with the company and will continue to back efforts to keep Princess successful.”
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