Hampshire & Isle of Wight

Luxury Southampton-based yacht firm announces job cuts

Oyster Yachts website Image copyright Oyster Yachts
Image caption The firm updated its website with news of its financial difficulties

A luxury boatbuilding company has announced 400 job losses.

Southampton-based Oyster Yachts, which also has a boatyard in Hoveton, Norwich, and offices in Ipswich, Majorca and the USA, said it had "failed to secure financial support".

David Tydeman, the firm's chief executive said: "We're just working with advice on all the possible options we can explore."

The number of job losses at each site is yet to be confirmed.

The BBC understands 160 staff based at Saxon Wharf, Southampton, and 10 at Fox's Marina, Ipswich, are among those facing redundancy.

In a statement, the firm said: "It is with sincere regret that we advise that the Company has been unable to secure financial support to enable it to continue at this time and it is looking at all opportunities available."

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