Luxury automotive and motorsport company McLaren is cutting 1,200 jobs following the cancellation of motorsport events and the suspension of manufacturing and retail due to the covid-19 pandemic.

Group 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.

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