UK supercar maker and Formula 1 team McLaren plans to cut more than a quarter of its workforce after the coronavirus crisis hit sales and advertising revenue.
The firm employs about 4,000 people, and of the 1,200 to be made redundant, the vast majority will be in the UK.
Formula 1 racing has been suspended, while orders for McLaren’s supercars have fallen because of the pandemic.
McLaren said it had been “severely affected” by the crisis.
The company said it had worked hard to cut costs and avoid layoffs.
“But we now have no other choice but to reduce the size of our workforce,” McLaren chairman Paul Walsh said in a statement.
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