princess yachts redundancies

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Princess Yachts confirms restructure

Around 90 staff at Princess Yachts could lose their jobs as the luxury boatbuilder confirms it is restructuring parts of its business after it was hit by supply issues.

The decision follows a review of its business operations and will build better resilience against future market or global challenges and create a leaner more agile organisation.

The yacht maker says it supply issues have meant it can’t build and sell as many boats as it would like.

The changes will affect a small number of management and business support roles across a number of departments, less than 3% of the total workforce.

The company is now entering a period of collective consultation with employee representatives to review the plans and opportunities within the new structure for those directly affected.

“Making any changes that directly affect people’s roles is always difficult.” Will Green, Princess Yachts Ltd CEO

“This restructure comes after an extensive business review as we look to improve efficiencies and strengthen our business operations” said Princess Yachts Ltd CEO Will Green. “While we remain commercially strong with a healthy order book, we have not been immune to the industry-wide supply issues, and our ability to meet demand has suffered significantly as a result.”

He added: “Making any changes that directly affect people’s roles is always difficult and we have worked hard to ensure this disruption is kept to a minimum.

“But we have a responsibility to all our staff to ensure we have a profitable and sustainable business that is able to withstand any future headwinds.”

And he emphasised that with the plans that are now in place and with one of the strongest product offerings in the industry, Princess has the resilience for the long-term future of the business.

The boatbuilder was taken over by American based KPS Capital Partners in 2023.

A multi-million-pound expansion of the South Yard production facility was approved in late 2023.

Princess has previously said it has orders stretching into 2026.

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Princess Yachts addresses its future after huge losses

P lymouth’s Princess Yachts has insisted its future remains bright despite posting a £69m pre-tax loss. The company blamed inflation and supply chain issues which meant it couldn't build as many boats.

But the luxury boat maker stressed it had orders to manufacture more than £750m of vessels. The Stonehouse-headquartered firm has already received deposits for these boats and said the work will stretch through 2025 and into 2026.

Nevertheless, Princess Yachts (Holdings) Ltd, in its newly published accounts for 2022, described the year as “disappointing”. It saw revenue drop by £22.8m, a 7.3% decline, to £289.6m and its loss, even before exceptional costs were taken out, deepened by £27.5m.

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The company described sales as “healthy”, however, and pointed to demand continuing to outstrip supply. But it stressed that major disruption to the supply chain severely impacted production resulting in a negative EBITDA (earnings before interest, taxes, depreciation, and amortisation) for the first time since 2020.

This fell by £25.9m to a deficit of £12.6m. The overall pre-tax loss was £69.3m, a huge increase on the £19.2m loss it made in 2021.

Princess Yachts said 2022 started with major disruption to its supply chain which severely impacted its ability to return to “stable and efficient production levels”. It mainly had problems getting hold of large components such as engines, generators, electrical panels and air conditioning equipment, which in many cases arrived several months late and even halted production lines.

Will Green, Princess Yachts’ new chief executive, said: “2022 was, operationally, a difficult year for Princess with major disruptions to our supply chain significantly affecting our ability to deliver the planned boat volumes. This was especially disappointing as, commercially, we continued to enjoy strong sales and as a result, a very healthy order book that stretches into 2026 for some models.”

The company, which employs more than 3,000 people, was taken over by New York-based KPS Capital Partners in March 2023. The acquisition impacted the 2022 and first-quarter 2023 financial results as Princess Yachts went through the sale.

However, KPS injected a significant amount of cash into the company to help unlock some of the supply chain and capacity issues. It has also approved a multi-million pound investment into the expansion of the South Yard facility.

Princess Yachts said the support from the American firm “provides a sound foundation to move forward through the second half of 2023”and will enable it to accelerate a range of “growth and operational initiatives”. Princess Yachts stressed that strong investment in updating its product range has driven much of its commercial success and product development remains the strategic focus in 2024 and 2025.

Six new models were launched in 2022, three new models in 2023 and a further four have now been announced for 2024. The company said its decision to continue to invest in new products throughout the uncertainty of the Covid pandemic has been rewarded with continued commercial growth and a forward order book that stretches beyond 2025 for several models.

The company increased its product development spend to £14.4m, from £11.6m in 2022 and said this will help it maintain and grow its global market leadership in the 40-100ft yacht market. It said the new F65 model, unveiled at the 2022 Southampton Boat Show, had almost 70 pre-orders before launch.

Mr Green added: “The fresh financial and operational support from our new owners will now help us build upon this order book and 2023 has focused on building the operational infrastructure to support this commercial success with increased volumes and the quality standards our customers demand.

“We believe we have the strongest product range in the industry today and maintaining that strength is a key focus of ours and that of our shareholders going forward. With the operational expertise that KPS brings, I am confident we can build a very successful future for Princess and for the family of distributors, suppliers and employees that support us”.

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Ninety staff could lose their jobs at Princess Yachts

Tuesday, May 21st, 2024

Written by: Zella Compton

Princess Yachts is due to start consulting with its workforce and representatives shortly about redundancies, with up to 90 employees at risk of losing their jobs. The company is said to be looking to create a ‘leaner and more agile organisation’ with the employees affected all being office-based support or management. This comes as, like many, Princess was hit with supply issues.

The company made national news in 2016, when it announced it was cutting 172 jobs . Then it had a staff of around 2,000. The Plymouth Herald currently estimates Princess Yachts’ workforce at 3,000, and says fewer than three per cent of the total workforce is affected. No shop floor manufacturing workers are included.

When the company was bought by KPS (US investor) in Feb 2023 , Ryan Harrison, a partner said significant investments would be made to “accelerate Princess’ growth trajectory and fund numerous investments for its future.”

Will Green, the company’s new chief executive officer, took up his role in August last year . He’s been with the company for 20 years, and was cited as being instrumental in driving the sustained period of commercial success. At the time he told MIN he wanted to focus on “what we do best – building exceptional yachts for our customers.”

Order book strong amid redundancy worries

In 2023, Princess Yachts had orders to manufacture more than £750m of vessels, with the work expected to stretch into 2026. However, that success of driving demand has come at a cost, with the company’s ability to meet demand suffering significantly due to supply issues.

“This restructure comes after an extensive business review as we look to improve efficiencies and strengthen our business operations,” a spokesperson told media. “While we remain commercially strong with a healthy order book, we have not been immune to the industry-wide supply issues, and our ability to meet demand has suffered significantly as a result.

“Making any changes that directly affect people’s roles is always difficult and we have worked hard to ensure this disruption is kept to a minimum. But we have a responsibility to all our staff to ensure we have a profitable and sustainable business that is able to withstand any future headwinds. I am confident that with the plans we now have in place, together with what remains to be one of the strongest product offerings in the industry, we will have that resilience for the long-term future of the business.

“From a sales point of view we are among the strongest, if not the strongest, in the industry.”

Last year, Princess Yachts (based in Plymouth since 1965) posted a £69m pre-tax loss, which it said was due to inflation and supply chain issues.

New model for Princess Yachts, and bridge disaster

The yacht manufacturer revealed details of its new Princess F58 at the Palm Beach International Boat Show earlier this year. The first F58 will go into production later in 2024 and make its global debut in early 2025. The 18.2-metre Princess F58 is the latest addition to the yard’s F-Class flybridge series, sitting between the F55 and the series flagship, the F65.

More recently, people were left surprised after a large yacht — understood to be a 15-metre Princess F50 — caused a traffic jam when it became stuck underneath a railway bridge .

Marine Industry News has contacted Princess Yachts for further comments.

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Princess Yachts reports “disappointing” results

Despite losses incurred due to supply chain issues, the british boatbuilder is optimistic for the 2023 financial year….

Princess Yachts has recorded millions in losses in its recently released results for the fiscal year ending on December 31st, 2022. Despite this, the British shipbuilder is optimistic about its business prospects in 2023, having navigated significant disruptions to its operations and securing investment.

Princess Yachts reported a slight increase in its annual turnover, climbing from £308m in 2021 to £315m in 2022. However, a surge in operating costs during this period led to Princess Yachts experiencing an EBITDA decline, moving from a loss of £200,000 in 2021 to a loss of £25.7m by the end of 2022.

This was mainly due to supply chain challenges, with some partially built boats having to be temporarily taken out of construction. This resulted in increased financial working capital requirements and delays in project completion, all while incurring substantial retrofitting costs.

The most affected components included large items such as engines, generators, electrical panels, and air conditioning equipment, which often arrived months behind schedule.

The financial impact of this has been somewhat mitigated as the company secured additional capital to enhance its production efficiency and expand its capacity. Following its acquisition by KPS Partners earlier this year, there has been a cash injection of £53.7m into the group to support working capital and future growth.

“Looking forward with the transfer of ownership to KPS Capital Partners in March 2023, the Board of Directors look to embrace their manufacturing and transformation expertise along with financial support, to evaluate short-term and strategic opportunities for the company within the marine sector,” says company CEO, Will Green.

Princess Yachts also announced plans to invest £35m in new product development and £5m in expanding its primary South Yard Facility in Plymouth.

In terms of the shipyard’s outlook for the future, Princess Yachts has invested £14.7m in product development and introduced three new models, including the Princess Y95 (pictured). The shipyard further unveiled plans to introduce three new models in 2023, with three more slated for 2024.

These new models have translated into prospective commercial success, resulting in an order book of over £750m as of July 2023, with deliveries scheduled up to 2025. Alongside its expanding capacity, Princess Yachts anticipates that these developments will be the driving factors behind to its long-term growth strategy.

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Princess Yachts confirms 172 job cuts

• Stef Bottinelli

The luxury yacht builders confirmed the forced job losses at the end of a 'strategic review' that was announced in January.

Princess Yachts has confirmed that 172 of its employees will lose their jobs.

A statement from the company said the 172 forced redundancies had been reduced from its January forecast of 350 by way of talks with its workers and their union representatives as well as voluntary severances handed out to some employees.

Job losses were announced as a certainty in January as part of a company-wide restructuring.

The Princess statement said: “Princess Yachts has completed the restructuring of manufacturing at its Plymouth headquarters which began in January as part of the company’s strategic review.

“Thanks to positive engagement with the workforce and trade union representatives, and a number of employees seeking voluntary severance, the company has been able to minimise the impact of redundancies – maintaining the overall staff establishment at 2,050.

“The total number of compulsory job losses required will now be 172 – fewer than half the figure that was originally envisaged.

“For those staff members who are affected by this process, the company is to establish an out-placement service designed to assist in securing future employment. An appeals process has also been put in place.

“Princess Yachts is now looking ahead to a successful and prosperous 2016, with the delivery of yachts into both new and well-established markets, and buoyant order books following strong performances at recent boat shows.”

Princess Yachts are to cut 350 jobs out of 2000 as part of a large-scale restructuring of manufacturing at its Plymouth headquarters, the company announced today.

The cuts will affect the back office, development and production divisions.

However the luxury yacht manufacturers’ attendance at the Southampton, Ft Lauderdale and Cannes boat shows has proved beneficial and orders of their craft remains strong.

Princess will be attending The London Boat Show where they will launch the new Princess 75.

The company’s Managing Director Chris Gates said: “The strategic review of our business and the steps we are taking to improve production at our Plymouth headquarters have laid the foundations for an ambitious year. Our expanded range – with six new models launched in just six months – is the envy of the industry, and our continued commitment to the finest British materials and peerless craftsmanship will always set Princess apart. “We have invested heavily in state-of-the-art facilities and product development while our competitors’ businesses have been contracting, and we are proud of our commitment to Plymouth, having maintained a consistently high level of employment throughout the recessionary period. However, like all successful companies, we need to be able to adapt and adjust the constitution of our workforce periodically. “Today’s announcement of job losses, although not undertaken lightly, is designed to maintain the business in the best possible shape for the next phase in its evolution. Princess’ 50th anniversary finds the company starting the year at both the London and Düsseldorf boat shows with new model launches and strong plans for the future.”

The South West-based luxury yacht builders announced the job losses in the following press release: Princess Yachts is to undertake large-scale restructuring of manufacturing at its Plymouth headquarters, with the loss of up to 350 employees, the company announced today. Having successfully weathered what proved to be a gruelling year for Britain’s yacht-building industry in 2014/15 – with factory closures, redundancies and insolvency among its competitors – Princess is looking to the new year with confidence and is implementing a range of long-term strategic measures designed to steer the business and its 2,000-strong workforce securely into the future. With six new models across the M Class, S Class, V Class and Flybridge yacht ranges taking the company into new markets and sectors, and strong order books following good performances at the Cannes, Southampton and Ft. Lauderdale boat shows, Princess is entering 2016 with assurance and optimism. Today’s announcement of job losses affecting back office, development and production divisions, while regrettable, forms part of a strategic plan to improve productivity across the company’s Plymouth facilities. Despite the tough trading climate from 2008 onwards, high staff levels had been maintained as the company evolved its infrastructure across key sites and invested in the development of new models. With the launch of the enhanced range this year, the workforce can now be scaled back without loss of capacity. Princess’ ongoing investment programme will see its world-class range develop even further – and a number of new initiatives are under way to secure greater market share and brand recognition. Princess continues to outperform the yacht industry in the face of unprecedented challenges. Persistent unfavourable euro/sterling exchange rates, recessionary pressures in target markets, and hurricane-force storms in 2014 that caused hundreds of millions of pounds worth of damage across the South West, meant that the company reported a modest loss – £11.3m on turnover of £239.5m – in 2014. (For context, Princess posted a profit of £4.8m in 2013.)

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Plymouth luxury yacht firm sails past ‘pingdemic’ to narrow losses

Princess Yachts said it was looking to boost production in response to its ‘rapidly growing’ order book

• 11:24, 26 OCT 2022

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The UK’s largest luxury boat builder Princess Yachts has almost halved its losses after turnover sailed past the previous year’s total, despite “significant headwinds” for production such as the Covid-19 “pingdemic”.

The Plymouth-based manufacturer, which sells yachts to a global network of independent distributors, reported revenue of £312.4m to the end of December 2021 - up from £244.4m in 2020.

Loss before tax stood at £19.2m, narrowed from £38.1m a year earlier.

In its latest set of accounts filed on Companies House, bosses as the firm said it benefited from maintaining “intensity” of product development as it launched three new models.

The company’s order book grew from £400m in 2020 to around £700m last year, while retail sales rose to 316 yachts from 209.

The group said as of June this year almost all of its production over the next 12 months - and more than 85% over the next two years - were covered by an order.

Princess Yachts said turnover returned to pre-pandemic levels, with earnings before interest, taxes, depreciation and amortization (EBITA) - swinging to £13.3m from a loss of £6.8m in 2020.

This was despite “unpredictable employee absenteeism” during the third national Covid-19 lockdown, as well as “significant disruption” on supply and lead times through its global supply chain.

The board’s strategic report said while not repeating the full lockdown experienced in March 2020, “multiple waves” of staff were required to self-isolate due to contract tracing. It added that at peak “pingdemic” last summer, 15% of its staff were off work, effectively closing some boat production lines.

Princess Yachts said in response to its “rapidly growing” order book it had launched an initiative called “Project 300”. The company sait it had invested in its facilities and processes to allow it to build up to 300 boats a year.

The firm, which employs around 3,000 people in Plymouth, said it has also introduced a new bonus scheme to incentivise staff to achieve target build cost for each boat produced.

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Princess Yachts to cut 350 jobs in major restructuring

Princess Yachts will cut up to 350 jobs as part of a large-scale restructuring and investment programme. Despite strong order books, the Plymouth based semi-custom yacht builder has planned the changes in a bid to improve productivity and secure the future of the business.

A statement from Princess said the UK yard has “successfully weathered what proved to be a gruelling year for Britain’s yacht-building industry.”

Just last month Fairline Boats entered into administration and was marketed for sale . Sunseeker also had to cut several hundred jobs over the last few years, although it is now looking to hire 100 workers to support new models .

Princess was able to maintain high staff levels during the financial crisis as it expanded its infrastructure and developed new models. With the new range being launched this year, the workforce can now be reduced from its current 2,000 staff without loss of capacity. The job losses are expected to affect back office, development and production divisions.

Chris Gates, Managing Director of Princess Yachts, said the “announcement of job losses, although not undertaken lightly, is designed to maintain the business in the best possible shape for the next phase of its evolution”.

The investment programme will aim to further develop the Princess range, which already features six new models across the M Class, S Class, V Class and Flybridge yacht ranges. The recently launched Princess 30M is to be revealed at the Dusseldorf Boat Show at the end of January .

Despite news of job cuts among British yacht builders, the 2016 Global Order Book suggests that the market is the strongest it has been for several years. In fact  more super yachts are being built around the world now than at any time since the global financial crisis .

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Luxury boat-maker Princess Yachts confirms it is making redundancies

The company said the restructure will ensure it remains sustainable after it was hit by industry-wide supply issues

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Princess Yachts reveals extent of Plymouth job cuts

The restructuring of Princess Yachts has resulted in 172 job losses, down from the firm’s original estimate of 350

Princess Yachts has confirmed that 172 of its workers have lost their jobs as a result of the recent restructuring at the Plymouth yard.

The shake-up was announced in January , at which point Princess estimated that as many as 350 jobs could be lost.

Speaking to the Plymouth Herald , a spokesperson for the firm said: “Thanks to positive engagement with the workforce and trade union representatives, and a number of employees seeking voluntary severance, the company has been able to minimise the impact of redundancies.”

Meanwhile Dave Springbett from workers’ union Unite, told BBC News : “The fact the union and management together have managed to protect the number of compulsory redundancies by a big margin is good news, but that shouldn’t take away from the drastic effect it’s going to have on some workers.”

One of the biggest employers in the South West, Princess Yachts still employs more than 2,000 people in Plymouth and recently established an out-placement service to help the 172 former employees find new work.

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Restructuring events

European Restructuring Monitor (ERM)

The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.

Princess Yachts

Description.

Plymouth-based luxury motor boat builder Princess Yachts has announced that there will be 257 job cuts, and 56 voluntary redundancies. The cuts follow the completion of a 90 day consultation period since March when it was announced that up to 450 jobs were at risk. Dave Springbett, spokesman for Unite union, said: "I am pleased to say we avoided a lot larger number of redundancies but unfortunately I do not think we were ever in a position where we could say we are having no redundancies." Princess Yachts declined to comment on the redundancies. 'No details were given on the date by which job losses are expected to be completed.

• 4 June 2009: BBC Website ( www.news.bbc.co.uk )

Eurofound (2009), Princess Yachts, Internal restructuring in United Kingdom, factsheet number 69062, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/69062.

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Press Releases

KPS Capital Partners to Acquire Controlling Ownership of Princess Yachts

Investment will Accelerate Company’s Growth and Innovation

New York, NY  (February 13, 2023) -- KPS Capital Partners, LP (“KPS”) announced today that it has entered into a definitive agreement to acquire a controlling equity interest in Princess Yachts (Holdings) Limited, (“Princess Yachts” or the “Company”), a leading global manufacturer of luxury motor yachts.  Existing stockholders will retain ownership in the Company.  Completion of the transaction is expected in the first quarter of 2023 and is subject to customary closing conditions and approvals. 

Princess Yachts is a leading builder of luxury motor yachts and is recognized for its timeless design, hand-crafted quality and exceptional seakeeping.  Headquartered in Plymouth, England, the Company’s unparalleled level of vertical integration – including on-site design, engineering and manufacturing – has helped position Princess Yachts as one of Britain’s most iconic luxury brands.  Princess Yachts serves a global customer base through its best-in-class international dealer network.  The Company has approximately 3,200 employees and operates five manufacturing facilities in Plymouth, England.

Ryan Harrison, a Partner of KPS Mid-Cap Investments, said, “We are excited to make this significant investment in Princess Yachts, a leading company in the luxury global yachting industry with an iconic brand grounded in British tradition, a remarkable and growing product range and worldwide reputation for quality and innovation.  KPS’ investment will accelerate Princess’ growth trajectory and fund numerous investments for its future.  We look forward to working with Princess’ existing stockholders, Chief Executive Officer Antony Sheriff, the senior leadership team and the talented employee base at Princess Yachts.”   

Antony Sheriff, Chief Executive Officer of Princess Yachts, said, “We are thrilled to partner with KPS for this exciting new chapter for Princess Yachts.  KPS and the Princess Yachts team are deeply committed to investing in the Company’s future while continuing to further strengthen our portfolio of best-in-class motor yachts.  With a current order book nearing a record $1 billion and many model lines sold into 2025, we have never been in a stronger commercial position.  Together with KPS’ tremendous track record of manufacturing excellence and investing in leading brands, we are now positioned to take Princess Yachts to the next level of industry leadership in quality and innovation.  Under KPS’ ownership, we will accelerate a range of growth and operational initiatives to build upon our long and successful history.”

Paul, Weiss, Rifkind, Wharton & Garrison LLP served as legal counsel to KPS.  Macquarie Capital and Latham & Watkins LLP served as financial advisor and legal counsel, respectively, to Princess Yachts.

About Princess Yachts

Princess Yachts is a leading builder of luxury motor yachts and is recognized for its timeless, understated design, unique craftsmanship and exceptional seakeeping.  Headquartered in Plymouth, England, the Company’s unparalleled level of vertical integration – including on-site design, engineering and manufacturing – has helped position Princess Yachts as one of Britain’s most iconic luxury brands.  Princess Yachts serves a global customer base through its best-in-class international dealer network.  The Company has approximately 3,200 employees and operates five manufacturing facilities in Plymouth, England.  For additional information, please visit www.princessyachts.com .

About KPS Capital Partners

KPS, through its affiliated management entities, is the manager of the KPS Special Situations Funds, a family of investment funds with approximately $21.6 billion of assets under management (as of March 31, 2024).  For over three decades, the Partners of KPS have worked exclusively to realize significant capital appreciation by making controlling equity investments in manufacturing and industrial companies across a diverse array of industries, including basic materials, branded consumer, healthcare and luxury products, automotive parts, capital equipment and general manufacturing.  KPS creates value for its investors by working constructively with talented management teams to make businesses better, and generates investment returns by structurally improving the strategic position, competitiveness and profitability of its portfolio companies, rather than primarily relying on financial leverage. The KPS Funds’ portfolio companies generate aggregate annual revenues of approximately $19.6 billion, operate 223 manufacturing facilities in 26 countries, and have approximately 47,000 employees, directly and through joint ventures worldwide (as of March 31, 2024). The KPS investment strategy and portfolio companies are described in detail at www.kpsfund.com.

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