Fairline Boats Limited have announced a total of 275 redundancies at their Oundle and Corby production and administration sites. Those affected will remain in the jobs until March.

These cuts come after a lack in demand for luxury products due to global financial and economic conditions. The lack of high-end yacht seekers has sent a wave of anxiety for many Fairline staff.

In September the company cut 90 jobs and put hundreds of staff on part-time hours in an attempt to beat the credit crunch. Attempts were made to introduce three-day weeks for employees at its manufacturing base in Oundle. However, these efforts have proved unsuccessful.

Dereck Carter, Fairline’s chief executive, commented, “The ongoing global financial and economic conditions continue to affect demand for luxury products across many industries and regrettably, Fairline’s products are not immune from these effects.”

This latest announcement will reduce the current workforce to 1,000 but will mean full-time work for all remaining staff on all production lines from January.

Fairline’s current focus is the recent expansion into The Balkans. With a new Belgrade sales office in a recently opened ‘state of the art’ €12m auto showroom, these job cuts at the core of Fairline may go unnoticed. However, who knows the magnitude of things to come if such cuts become an inadequate method of reassurance.