Staff at Fairline Boats were called to a meeting to be told the jobs will be lost at its three factories in Weldon and Oundle. Staff numbers will be cut to 1,360.

It is thought most of the jobs will be lost from the production line, with some backroom positions also under threat.

Workers said they were shocked to hear the news after a successful few months.

One worker, who asked to remain anonymous, said: "It was the Southampton Boat Show at the weekend and we were told they'd done really well and had already sold 30 boats.

"We've just had our new building open recently and we thought things were looking good, so we're all incredibly shocked and upset."

In spring, the company opened its new £8m, 90,000sqft Nene Valley 2 factory at Oundle to provide additional capacity.

In April, it won a Queen's Award for Enterprise.

In December, the company plans to open a new 22,400sq ft office building to bring together all its administrative functions.

It was also revealed earlier this month that it had taken £30m of advance orders for the new Squadron 55 luxury yacht.

Chief executive officer of Fairline Derek Carter said: "In response to the ongoing global economic uncertainty, we have found it necessary to take limited action to match production levels to softer global demand for our products.

"This action is regrettable, but has been taken in consultation with relevant unions and representatives and is, we believe, necessary to prepare our business for the forthcoming year.

"All indications are that 2009 will be a tough year and we hope the action taken today will ensure the Fairline business remains profitable and well-equipped to respond to the expected upsurge in early 2010."

Corby Council chief executive Chris Mallender has urged the company to ensure it safeguards the future of its apprentices – some of the most vulnerable employees.

He said: "It's a very sad day for Corby and for the workers at Fairline and their families.

"It shows that even the mega-wealthy are cutting back and that no part of the economy is immune to the current conditions.

"Fairline has been very progressive in its view towards training its apprentices and we would urge them to consider the investment they have made in them."