TWENTY-FOUR employees at a Cowes boatbuilders, South Boats, were made redundant on Wednesday, the County Press understands.
The firm was bought by mainland company, Alicat Workboats last year after it went into administration. Corporate recovery specialists Chantrey Vellacott DFK, which managed the sale, said the company had suffered from problems due to rapid growth, significant design investment costs, new product introduction and the expansion of its manufacturing footprint.
At the time of the sale last year, Alicat told Maritime Journal "If we are able to continue to do the business successfully, jobs will be preserved, although we will not commit to numbers."
Despite contacting South Boats three times for confirmation of the job losses, the firm did not return calls.