Credit Crunch hits Fairline

Fairline axes 275 jobs

By IBI Magazine


A second wave of job cuts has been announced at UK boatbuilder Fairline. In a statement issued today, the company revealed that it will cut 275 jobs at its Oundle and Corby facilities in Northamptonshire in March 2009, affecting around one-quarter of its remaining workforce.

In September, the company announced 90 redundancies in Oundle and Weldon and subsequently put workers on a shorter working week with reduced wages.

The latest announcement will reduce the current workforce to 1,000, although full-time working will be restored on all production lines as of January 2009. Derek Carter, CEO of Fairline, comments:

"Whilst the timing of the announcement of these redundancies is deeply regrettable, we have commenced discussions with Union representatives to identify the redundant positions that will take effect in March. We will do all we can to minimise the anxiety of affected employees." With regard to 2009, Carter adds:

"The downturn in the market will pass and, as previously stated, we anticipate that towards the end of 2009, increased levels of activity are likely to materialise as the market begins to recover and as we bring new models in development to market. Fairline will be attending the London International Boat Show in January 2009, at which we will be displaying the new Squadron 70. In addition, a new Squadron 65 is scheduled for launch in May 2009 and a Targa 58 for launch in November 2009. We anticipate securing further good orders in addition to the 30 boats sold at the recent Southampton show for existing and new models, which will safeguard the remaining 1,000 employees.

"Headquartered in Oundle, Northamptonshire, Fairline builds the Targa, Phantom and Squadron range of motoryachts from 10.4m-22.6m (34ft-74ft) in length. The group has more than 60 dealer locations worldwide, as well as a US subsidiary in Ft Lauderdale, Florida.

(15 December 2008)

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