1,200 jobs to go at McLaren
McLaren Group has confirmed it has started a corporate restructure which will result in the loss of almost a third of it’s workforce.
The restructure which is subject to employee consultation is expected to result in 1,200 redundancies. With the roles to be cut from the Applied Automotive and Racing businesses as well as support and back office functions. And comes as the business apparently seeks to borrow £275m against the value of its classic car collection and iconic Surrey HQ.
The group has been severely affected by the current pandemic, with revenue generating activities including motorsport events cancelled, and manufacturing and retail activities suspended.
Paul Walsh, executive chairman at McLaren Group commented that the business had “no other choice” but to reduce the size of its workforce.
Walsh stated that the restructure was a “course of action we have worked hard to avoid”, and that the firm has “already undertaken dramatic cost-saving measures across all areas of the business.”
No details are yet known about how many of the potential roles will be cut from McLaren’s Sheffield site at the AMRC. However the luxury automotive, motorsport and technology company is the second business on the AMRC to feel the effects of Covid-19, with Rolls Royce warning last week that that 9,000 jobs across the country could go.
