In a statement released in late December 2024, Sunseeker attributed the decision to ongoing supply chain disruptions that have impacted its ability to maintain production schedules.
These challenges, compounded by recent increases in the UK's National Minimum Wage and National Insurance contributions, have added pressure not only on Sunseeker but also on other prominent players in the industry, such as Princess Yachts.
The decision to implement temporary layoffs was not taken lightly. It reflects our commitment to protecting the long-term viability of the company, ensuring we can continue delivering the world-class yachts our clients expect. This measure is designed to address short-term challenges without compromising the strength of our team or our forward momentum.
Spokesperson
Sunseeker
The layoffs, which Sunseeker has emphasized are temporary, affect a limited number of employees within production operations. The company has assured those impacted that they will retain their continuity of service, as well as non-monetary benefits. Employees were also offered options to use paid holiday entitlement or statutory payments during the affected period.
This situation comes amid significant investment by Sunseeker in its future. Earlier this year, the company committed £40 million to new product development, workforce training, and production enhancements. Despite the current hurdles, Sunseeker has maintained a strong forward order book and remains on track to unveil its latest model, the Manhattan 68, at Boot Düsseldorf in January 2025.
Sunseeker is not alone in facing these challenges. Princess Yachts, another leading luxury yacht manufacturer, has similarly been contending with rising operational costs affecting the broader UK industry. In December 2024, Princess Yachts announced substantial workforce reductions as part of its response to these financial pressures. The recent increases in National Insurance contributions and minimum wages introduced by the newly elected Labour Government have further tightened margins, highlighting the shared difficulties confronting yacht manufacturers in the current economic environment.
We’re proud of what we’ve achieved and remain confident in our future. These decisions, while difficult, are necessary steps to ensure we remain resilient and able to deliver on our commitments to clients and employees alike.
As the industry grapples with global economic headwinds, Sunseeker remains focused on innovation and excellence. The company has pledged to review the situation in early January 2025 and is optimistic about resuming full operations soon.
With a heritage of crafting some of the world’s most celebrated luxury yachts, Sunseeker continues to symbolize British craftsmanship and ingenuity. The company is committed to overcoming these challenges while safeguarding its legacy and future growth.
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