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September 27, 2008

Yachtmakers axe jobs as HNW orders fall

By Spear's

Luxury UK boat-building firm Fairline Boats is to axe jobs in response to the growing economic uncertainty which is starting to hit orders for high end yachts.

Luxury UK boat-building firm Fairline Boats is to axe jobs in response to the growing economic uncertainty which is starting to hit orders for high end yachts from millionaires previously seen as impervious to the worst effects of the credit crunch.

This comes despite the company’s announcement in September 2008 that it had taken £30 million of advance orders for its new Squadron 55 luxury yacht.

“In response to the ongoing global economic uncertainty, we have found it necessary to take limited action to match production levels to softer global demand for our products,” said Fairline chief executive Derek Carter.

“It shows that even the mega-wealthy are cutting back and that no part of the economy is immune to the current conditions. All indications are that 2009 will be a tough year and we hope the action taken today will ensure the Fairline business remains profitable and well-equipped to respond to the expected upsurge in early 2010.”

For further details visit thewealthnet

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