McLaren (Image: Shutterstock)McLaren Appoints Ashurst For Major Coronavirus Restructure
The iconic sportscar maker is set to shed 1,200 jobs across a number of business sectors citing coronavirus and the incoming Formula 1 cost cap.
May 27, 2020 at 05:24 AM
2 minute read
Luxury carmaker McLaren has turned to U.K. law firm Ashurst to assist with a major corporate restructure programme which includes 1,200 job losses.
The Ashurst team is being led by corporate partner Rob Aird with assistance from employment partner Crowley Woodford.
Ashurst took over as lead adviser to McLaren last year, a role previously held by Norton Rose Fulbright.
Ashurst also recently advised McLaren in relation to McLaren's involvement in the VentilatorChallengeUK Consortium, a group of top firms who had joined forces to produce medical ventilators for the UK.
The car company cited the impact of the Covid-19 pandemic, as well as the new Formula 1 cost cap to be introduced for the 2021 season as primary reasons for the restructuring.
In a statement, McLaren said that the cancellation of motorsport events, the suspension of manufacturing and retail activities around the world and reduced demand for technology solutions have all led to a sudden impact on the group's revenue generating activities.
The job losses will target employees in the applied, automotive, and racing businesses, as well as support and back office functions.
A number of firms have received significant mandates relating to COVID-19 advisory work. Last month, Clifford Chance and Allen & Overy won mandates on a £1 billion capital raising by Informa, relating to torrid market conditions caused by COVID-19.
Pinsent Masons also acted on a multi-million pound capital raising for coronavirus-impacted events company, Arena Events.
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