Formula 1 team owner and supercar maker McLaren Group has announced plans to cut 1,200 jobs across its business, including the Formula 1 team, in a bid to weather the coronavirus storm.
Citing the COVID-19 impact on the industry and the expected F1 budget cap from 2021, McLaren has proposed a restructure which will reflect in job losses amounting to more than a quarter of the company’s workforce.
“We deeply regret the impact that this restructure will have on all our people, but especially those whose jobs may be affected,” said McLaren Group's executive chairman Paul Walsh.
“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.”
