Princess Yachts plans to restructure its workforce at its Plymouth manufacturing facility. According to an official statement from Princess, the company will cut up to 55 jobs, or 2% of its workforce of 2,148.

“Like all successful businesses, we have a responsibility to all our staff to remain both profitable and sustainable,” Chris Gates, managing director, says in the statement. “The past year has presented some significant challenges to many companies — from hurricane-force storms to adverse trading conditions.” Gates said Princess had “successfully weathered” the challenges and remains in “good shape” for the future.”

Gates said the company’s directors are working with the employees and unions to ensure that the “restructuring and redeployment process” is conducted as “constructively” as possible.

Princess also this week announced a continuation of its apprenticeship programme.