More than 50 jobs at risk as Princess Yachts 'restructures'

More than 50 jobs are at risk following a business review at a luxury yacht manufacturers in Plymouth.

Princess Yachts employs over 2000 staff in the city and is restructuring after what it describes as a "challenging year."

"The past year has presented some significant challenges to many companies," said managing director, Chris Gates.

"We have successfully weathered these and are in good shape for the future."

The French-owned company announced that 55 jobs out of its 2,148-strong workforce, could be affected at its Plymouth manufacturing facility.

Chris Gates added: "Like all successful businesses, we have a responsibility to all our staff to remain both profitable and sustainable.

"The directors and I are working with our employees and employee representatives to ensure that the restructuring and redeployment process is conducted as speedily and constructively as possible."

In 2013, the company secured £4.6m of government funding for a new boatyard in Plymouth and said the money from the Regional Growth Fund (RGF) would secure 400 jobs in the city.