Up to 80 staff are to be let go by Fairline following the closure and sale of one of its sites
Fairline has confirmed that up to 80 staff will lose their jobs following the sale of the boatbuilder’s Barnwell Road site in Oundle.
The news follows the announcement last week that the private equity company behind the firm, 3i, was considering selling its share in the company.
The consolidation of Fairline’s manufacturing sites from three to two was announced back in May, and the company says that despite reducing its production facilities by 30% it can still maintain output.
Confirming the job losses, Fairline’s CEO Derek Carter said, “The loss of up to 80 valued employees is regrettable but a consequence of the global market deterioration experienced in 2008/2009 and the steps we have had to take to secure the business and its plans for the future.”
Production of the Targa 44 has now moved to the company’s Corby site, while staff have been transferred to Nene Valley to produce the new Targa 50, which will be launched next month, and the Squadron 50, which is due to commence production in 2011.
