- Business - Restructuring at Princess Yachts


Restructuring at Princess Yachts spoke to Kiran Jay Haslam, marketing director at Princess Yachts about the restructuring at the yard, announced at the beginning of July, and what is in the pipeline for the Plymouth based yacht builder.…

A review of business operations by Princess Yachts has lead to a restructuring that will affect up to 55 of its posts at its Plymouth manufacturing facility, it was announced this month. Overall, the changes will affect two per cent of the overall establishment.

Marketing director, Kiran Jay Haslam told, "Currently we are in discussion with employee representatives and employees and are looking to ensure the least amount of posts are affected. We are saying “up to” as it is inevitable that some employees may decide an alternate option to what we are currently discussing and we will not know that until we conclude discussions."

Addressing the past few years of financial hardship that many companies in the industry have experienced, Haslam explained, "The re-structuring is part of a business plan that is linked to the cyclical nature of our industry and requires us to react to real-time business challenges. We are still recovering from the effects of the storm that we endured in 2014, and additionally the market is challenging at the moment, although we are seeing some positive signs in terms of customer enquiries."

35M, image courtesy of Princess Yachts International plc

On a more positive note for the yard, Haslam told, "We currently have many new products in development and these will be unveiled/launched in September." The projects include: S65, V58-open, 30M, 35M and Project 31@50, their anniversary yacht.

Looking ahead to the Monaco yacht show, Princess is looking to display the 35M. "Monaco is a really important destination for our clientele and this new product is a new addition to the M-class range and something that we are really proud to have at the show."

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