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Jail for Plymouth yacht fraud trio

The three men involved in the fraud plot Credit: Irving of Exeter

Three men have been jailed for plotting a £1m fraud against Plymouth company Princess Yachts. Darren Tallon was jailed for four and a half years, Glyn Thompson for six years and Roger Truen for four years for their part in siphoning off the money from the company. Plymouth Crown Court heard they had set up false invoices and overcharged the luxury yacht maker.

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Plymouth's Princess Yachts to axe 350 jobs

The firm marked 50 years in business in 2015. Credit: ITV West Country

Luxury yacht builder Princess Yachts is to axe up to 350 jobs following a meeting with more than 2,000 staff and unions.

The manufacturer, which has sites across Plymouth announced it would start redundancy consultations.

It's believed jobs will go across the company including, in back office and in its development and production divisions.

The luxury yacht makers marked 50 years in business last year and are due to unveil new boats at the London Boat Show next week.

The firm's site in Plymouth has a workforce of 2,000 employees. Credit: ITV West Country

Despite the cuts, the firm say they're looking forward to the new year 'with confidence'.

They say the job losses form part of a long-term plan to improve productivity across the company’s Plymouth facilities.

We have invested heavily in state-of-the-art facilities and product development while our competitors’ businesses have been contracting, and we are proud of our commitment to Plymouth, having maintained a consistently high level of employment throughout the recessionary period.

However, like all successful companies, we need to be able to adapt and adjust the constitution of our workforce periodically.

Today’s announcement of job losses, although not undertaken lightly, is designed to maintain the business in the best possible shape for the next phase in its evolution."

– Chris Gates, Managing Director of Princess Yachts

Yacht firm vows not to cut jobs

Princess Yachts International sells luxury yachts Credit: ITV News

The boss of Princess Yachts International in Plymouth has issued reassurances to its 2,200 staff that job cuts are not on the horizon despite the luxury boat market facing choppy waters.

Princess Yachts' managing director Chris Gates said he was determined to retain the firm's large Plymouth workforce to prevent key skills being lost.

It comes as another Plymouth employer, dairy firm Milk Link, confirmed 35 jobs are under threat at its Marsh Mills office.