Princess Yachts announces plans to cut 250 staff due to 'challenging market conditions'

• WATCH: ITV West Country reporter Sam Blackledge explains the latest on the proposed cuts

Up to 250 people could lose their jobs at Plymouth's luxury boat maker, Princess Yachts.

The company announced on Tuesday 3 December that it plans to make some roles redundant, citing "challenging market conditions" as the reason behind the decision.

In a statement, Princess Yachts said around 250 of its hourly-paid staff would be affected - which it says is less than 10% of the workforce.

The statement added: "A strong order book has enabled the Company to weather much of the market downturn but a recent review of the business operations has highlighted opportunities to further strengthen its resilience against this and potential future market fluctuations and build a stronger business in anticipation of the market returning to normal.

"This will involve streamlining some of its processes to build a more flexible operation around its most experienced and skilled people , with an increased focus on quality and operational efficiency."

An email to all Princess Yachts staff explained that those working in the following areas were likely to be affected:

• Feeder factories

• Development

• Fitout

• Outside crew

• Quality

• Other operational support

It concluded by saying that a period of consultation with union reps and people affected by the plans had now begun.

CEO Will Green said: “Making any decisions that directly affect people’s jobs is always difficult but we have a responsibility to all staff to ensure we have a strong business and I am confident that these adjustments, together with the progress we have made on our turnaround plans this year, will underpin a much more robust business long-term and allow us to concentrate on what we do best – building the highest quality yachts in the market."