Discovery Yachts has laid off 28 staff – a quarter of its workforce. While 20 of these were fixed term staff who had reached the end of their contracts, the other eight were permanent staff.

The firm told the Southampton Daily Echo on 21 October the cuts were due to the “natural peaks and troughs of the boatbuilding cycle”, but it has also just spent £150,000 on a 5-axis CNC machine.

The machine, which replaces a 3-axis unit, will enable Discovery to offer a full choice of interior timbers, individual designs and bespoke inlay work for its luxury blue-water yachts.

“Our significant investment in this state-of-the-art 5-axis equipment during these uncertain economic times confirms our commitment to driving business and ensuring growth through innovation and investment,” said MD Nigel Stuart. “These investments will ensure that we can offer our discerning clients the highest quality in-house joinery together with the opportunity for unique and personal designs to be incorporated into the build of their yachts”.

In September, Discovery handed over three luxury yachts to new owners and announced the launch of its latest design, the Discovery 57, at the Southampton Boat Show.