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Luxury car maker Bentley cut over 350 jobs in the last year
https://www.whatjobs.com/news/united-kingdom/uk-business-news/luxury-car-maker-bentley-cut-over-350-jobs-in-the-last-year
By Nagasunder in UK Business News, posted September 26, 2022
High-price car maker Bentley has cut more than 300 jobs during the last fiscal year.
The Crewe-based business ended 2021 with 3,911 employees, down from 4,266 in December 2020, according to recently filed documents with Companies House.
Employees in the selling, distribution and administration departments fell from 2,923 to 2,616 while production staff decreased from 1,343 to 1,295 people.
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The documents also show the cost of the voluntary redundancy programme to the VW-owned business totalled £25.2m.
In a statement signed off by the board, Bentley said: "In June 2020, in a bid to maintain the company's competitiveness in the uncertain environment of the Covid-19 pandemic, Bentley continued with a comprehensive review of its cost structure, a large element of which is headcount.
"Following analysis and benchmarking with the benefit of group support, aligned with the reduced volume expected from the pandemic not just in 2020 but in the uncertain future, it became clear that reduction was immediately required.
"As a result, the company launched a voluntary release programme aimed at achieving this in the most caring and socially responsible way."
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The figures follow Bentley's April 2020 announcement that it would add 100 engineering positions as part of its effort to go fully electric by 2030.
The business claimed that the new hires will support the execution of its Five-in-Five plan, which mandates that Bentley introduce a new electric model every year beginning in 2025.
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As part of its Beyond100 strategy, which will also include a £2.5 billion investment in "sustainability" over the next 10 years, the "Five-in-Five" plan was announced in January.
Bentley announced in March 2022 it had sold 14,659 cars, up from 11,206 in 2020.
This generated revenue of €2.8 billion in 2021, up from €2 billion.
Over the same period, its operating profits increased from €369 million to €389 million.
The company also disclosed in July of this year that its half-year profits had increased past what the luxury car manufacturer made in the entire year of 2021.
Source: BusinessLive
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