The boatbuilding division of British company C.J. Broom & Sons is closing and as many as 70 jobs will be lost.
But Broom Boats Ltd., the boat service company that operates Broom's marina, will continue to operate with its 50 staff members, according to media reports.
The action is part of a reorganization after the sale six weeks ago of both companies to businessmen Mark Garner and Akis Chrisovelides.
"New Broom boat sales currently are weak. After several years of major boatbuilding losses amounting to more than [$1.5 million], we have had to call a halt to boatbuilding for the time being. We hope to be able to resume this part of the business in due course," Garner told local media.