The Yacht manufacturer Princess Yachts has recently experienced rough times as an effect of the current financial climate. In light of all this they have been forced to issue 450 redundancy notices, even after the company staff had agreed to a cut in working hours to try and stop the inevitability of job losses. The managing director, Chris Gates said they had conducted a review of the business in order to assess the level of investment needed for future growth.
The company still employs a 1700 strong workforce but they do not have the funds or business in order to keep the 450 staff that have been let go.
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