British F1 and supercar specialist McLaren has issued 1200 staff redundancies to stay afloat during the car industry downturn caused by the global coronavirus crisis.
In a statement to investors, McLaren confirmed it had let go of 1200 employees – approximately a quarter of its total workforce – across its automotive and racing businesses, as well as members of its back office functions.
“We deeply regret the impact that this restructure will have on all our people, but especially those whose jobs may be affected,” McLaren said in the statement.
“It is a course of action we have worked hard to avoid.”
Above: McLaren 765LT
The news follows McLaren being turned down for a £150 million (AU$278 million) loan application with the British government last week.
That same week, the brand was reportedly looking to borrow a sum of up to £275 million (AU$510 million) against its headquarters and classic car collection.