'Global Financial Crisis' hits Fairline Boats

Fairline introduces shorter working week

By IBI Magazine/Motor Boats Monthly

UK boatbuilder Fairline introduced a shorter working week for around a quarter of its workforce this morning in response to "a downturn in demand for certain models".

Some 365 of the company's 1,360 employees are affected by the move, which will see four of Fairline's production lines reverting to a two-day week, and one moving to a three-day week. The shorter working week will last for seven weeks until December 24, 2008.

The company said it would pay the affected workers 60 per cent of their basic wage — more than the statutory minimum.

Derek Carter, Fairline's MD, said: "As a manufacturer, Fairline has taken this necessary and prudent action to stabilise the business to ensure that the coming year's anticipated global demand is matched by production levels.

"Within a 12-boat range, some models will fare better than others according to their price point, market audience and 'life cycle' stage. Having considered the ongoing global economic indicators and assessed the strength of individual dealer territories, overall production at Fairline is being scaled down."

(10 November 2008)