Aston Martin to cut up to 500 jobs in drive to save £28m
A British automotive brand has today announced that it will be cutting up to 500 jobs.
Aston Martin Lagonda, headquartered in Gaydon, has revealed its plan to improve the cost efficiency of the business, which it says will help drive profitable growth.
As well as the previously announced plan to reduce front-engined sports car production due to diminished demand, the company is launching a consultation process on proposals to reduce employee numbers by up to 500.
The firm said that the cuts reflect production volumes “lower than originally planned”, and will also be reducing costs in contractors, marketing and travel.
Aston Martin expects the restructuring to deliver savings of approximately £28m on an annualised basis following the restructure, which will cost around £12m.
The company commented: “The measures announced today will right-size the organisational structure and bring the cost base into line with reduced sports car production levels, consistent with restoring profitability.
“Aston Martin will shortly launch a consultation process on proposals to reduce employee numbers by up to 500, reflecting lower than originally planned production volumes and improved productivity across the business.
“The employee and Trade Union consultation process will be launched in the coming days.
“Aston Martin continues to take decisive action in other areas to reduce cost and remove non-critical expenditure from the business at every level including in areas such as contractor numbers, site footprint, marketing and travel.”
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