Car maker McLaren announces 1,200 job losses

The supercar maker is to cut more than a quarter of its 4,000-strong workforce, blaming the pandemic and incoming F1 cost cap.

Executive chairman Paul Walsh said: “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.”

The McLaren Composites Technology Centre — opened in Rotherham in 2018 — makes the carbon fibre tubs for the firm’s range of sports cars.