27 November, 2020 - 29 November, 2020
01 December, 2020 - 02 December, 2020
09 December, 2020 - 10 December, 2020
10 December, 2020 - 12 December, 2020
11 January, 2021 - 13 January, 2021
Sao Paulo, Brazil
The sportscar manufacturer and Formula 1 team said business has been badly impacted by the crisis resulting from the Covid-19 pandemic.
McLaren has begun a proposed restructure across its three divisions; Racing, Automotive and Applied, as well as in support and back office functions. The company employs 4,000 people and most of the 1,200 redundancies are said to concern jobs in the UK. McLaren's Formula 1 operation could lose about 70 people from its 800-strong workforce. "We deeply regret the impact that this restructure will have on all our people, but especially those whose jobs may be affected”, said Paul Walsh, Executive Chairman, McLaren Group. "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.”
Formula 1 racing has been suspended during the pandemic and orders for McLaren's supercars have fallen because of the Covid-19 pandemic. Other Formula 1 teams, including Mercedes, Ferrari and Red Bull, are also expected to announce redundancies, although some could redeploy staff across other functions within the companies.
Sources: BBC/Sky Sports