LUXURY yacht-maker Fairline, based near Peterborough has announced it is cutting 90 jobs from its workforce.
Award-winning boat firm which has bases in Oundle and Weldon, near Corby, is reducing staff numbers from 1,450 to 1,360.
Bosses blame the global credit crunch for sapping demand for its top-of-the-line products, and say the cuts will be made acros
s the workforce.
It is thought most jobs will be lost from the production line, with some backroom positions also being threatened.
Workers were given the bad news at a staff meeting on Wednesday and said they were shocked at the announcement after a successful few months for the company.
One worker, who asked to remain anonymous, said: "It was the Southampton Boat Show at the weekend, and we were told they'd done really well and had already sold 30 boats.
"We've just had our new building open recently, and we thought things were looking good, so we're all incredibly shocked and upset."
Earlier this year, Fairline opened a new £8 million factory in Oundle to provide additional capacity, with a new office building set to be opened in December.
In April, the company won the Queen's Award for Enterprise, and took £30 million of advance orders for its new Squadron 55 yacht earlier this month.
Chief executive Derek Carter said the job losses were regrettable, adding that the firm was talking to union officials to negotiate redundancy packages.
He said: "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.
"This action is regrettable, but has been taken in consultation with relevant unions and representatives and is, we believe, necessary to prepare our business for the forthcoming year."
He said the action was necessary to secure the long-term sustainability of the business, adding: "All indications are that 2009 will be a tough year and we hope that the action taken today will ensure that the Fairline business remains profitable and well-equipped to respond to the expected upsurge in early 2010."
The job losses are the latest in a series of redundancies that have been announced by Peterborough companies which have been hit by the financial downturn.
Earlier this week, 32 jobs were axed as furniture maker Willis and Gambier went into administration. Other job losses have been announced by engineers Baker Perkins, Pearl Insurance, house builders Persimmon and Stamford Homes and fridge maker Indesit.
The full article contains 426 words and appears in Peterborough ET newspaper.
