1:19 pm, May 26, 2020
McLaren Group has revealed it will be cutting 1,200 jobs across its operations – around a quarter of its workforce.
McLaren said the new annual spending cap for Formula One teams has led to job losses as well as the fact it has been ‘severely affected by the current pandemic’.
In a statement the supercar maker said: ‘The cancellation of motorsport events, the suspension of manufacturing and retail activities around the world and reduced demand for technology solutions have all led to a sudden impact on the group’s revenue-generating activities.’
The group’s executive chairman Paul Walsh added: ‘We deeply regret the impact that this restructure will have on all our people, but especially those whose jobs may be affected.
‘It is a course of action we have worked hard to avoid, having already undertaken dramatic cost-saving measures across all areas of the business.
‘But we now have no other choice but to reduce the size of our workforce.
‘This is undoubtedly a challenging time for our company, and particularly our people, but we plan to emerge as an efficient, sustainable business with a clear course for returning to growth.’
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