Restructuring events
European Restructuring Monitor (ERM)
The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
McLaren, the British sports car maker has announced that it will cut 1,200 jobs from its global workforce, with the vast majority of cuts in the UK. The cuts will affect all three of the company’s divisions: Formula 1 racing, road-car manufacturing and Applied Technologies.
A statement by the company said that they had no alternative but to reduce their workforce if they were to remain sustainable, as the demand for their luxury sports cars had fallen and Formula 1 racing had been suspended in the wake of the Covid-19 pandemic. McLaren’s request for emergency funding has been rejected by the UK government, however, the company has benefitted from the publicly funded coronavirus Job Retention Scheme, designed to retain jobs.
McLaren was founded in 1963 and it has gradually become a major investor in technology-focussed research and development activities in the UK.
Eurofound (2020), McLaren, Internal restructuring in United Kingdom, factsheet number 101087, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/101087.