The McLaren Group is to lay-off 25% of its workforce, around 1,200 people, in the wake of the coronavirus pandemic, around 70 of the redundancies coming from the F1 team.

The Woking-based company, whose team was the first F1 team to take advantage of the taxpayer-funded furlough scheme, confirmed the move, citing the impending F1 budget cap and the pandemic, following reports in the British media.

"We deeply regret the impact that this restructure will have on all our people," said the group's executive chairman, Paul Walsh, "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."

Referring to the company's F1 team he said: "McLaren Racing has been a proponent of the introduction in 2021 of the new Formula 1 budget cap which will create a sustainable financial basis for the teams and lead to a more competitive sport.

"While this will have a significant impact on the shape and size of our F1 team, we will now begin to take the necessary measures to be ready to run at the cap from 2021 onwards, in order to challenge again for race wins and championships in the future."

The move follows the recent revelation that the Woking-based company is seeking to borrow £275m against its collection of historic race cars and its factory, having been turned down by the Department for Business, Energy and Industrial Strategy for a loan of £150m.

LATEST NEWS

more news >

LATEST IMAGES

galleries >

Click to go to the main galleries section

READERS COMMENTS

1. Posted by Motorsport-fan, 28/05/2020 8:14

"I though Mclaren had put there workforce on furlough, if so they cannot make anyone redundent whilst claiming this money."

Rating: Neutral (0) Rate comment: Positive | NegativeReport this comment

2. Posted by BrightonCorgi, 27/05/2020 14:06

"@Lakota - McLaren needs Ron Dennis more than ever! Miss him and Martin Whitmarsh."

Rating: Positive (1) Rate comment: Positive | NegativeReport this comment

3. Posted by Lakota, 27/05/2020 13:39

"Where's The Ronster when you need him "

Rating: Positive (3) Rate comment: Positive | NegativeReport this comment

4. Posted by trackrecords, 26/05/2020 20:05

"McLaren has a brand-new carbon fibre chassis factory in Rotherham and recruitment only recently begun filling it with workforce to allow it to operate. I've a feeling that these poor sods will be the ones being made redundant. But aren't a middle Eastern sovereign wealth fund a major shareholder in McLaren? Surely they have deep pockets and able to keep them ticking over?
"

Rating: Neutral (0) Rate comment: Positive | NegativeReport this comment

McLaren Group lays-off 25% of workforce

LATEST NEWS

RELATED ARTICLES

LATEST IMAGES

POST A COMMENT

Post your comment

READERS COMMENTS

Share this page