Plymouth's Princess Yachts to axe 350 jobs

Luxury yacht builder Princess Yachts is to axe up to 350 jobs following a meeting with more than 2,000 staff and unions.

The manufacturer, which has sites across Plymouth announced it would start redundancy consultations.

It's believed jobs will go across the company including, in back office and in its development and production divisions.

The luxury yacht makers marked 50 years in business last year and are due to unveil new boats at the London Boat Show next week.

Tim Jones from the Devon and Cornwall Business Council said the news was a big blow.

Despite the cuts, the firm say they're looking forward to the new year 'with confidence'.

They say the job losses form part of a long-term plan to improve productivity across the company’s Plymouth facilities.