Princess Yachts in Plymouth to cut 172 jobs
Luxury yacht builder Princess Yachts will cut 172 jobs following a large-scale restructuring of its headquarters in Plymouth.
The company, which has more than 2,000 staff, initially said 350 jobs would be cut, but that number has since been reduced.
Bosses said the firm would help affected staff find other employment.
Union Unite said it was a "very bad day" and it was working to "reduce the number of compulsory job losses".
Dave Springbett, from Unite, said: "The fact the union and management together have managed to protect the number of compulsory redundancies by a big margin is good news, but that shouldn't take away from the drastic effect it's going to have on some workers."
In a statement, the firm said: "For those staff members who are affected by this process, the company is to establish an out-placement service designed to assist in securing future employment.
"Princess Yachts is now looking ahead to a successful and prosperous 2016."
The firm marked 50 years in business last year.