A quarter to quickly forget for Aston Martin that suffered a loss of £ 119m over the first three months of 2020. The sports car brand has been struggling with disappointing figures for years, but has now been hit by the corona crisis.
The figures for the rest of this year are also expected to be colored deep red. That is why the management of the company intervenes. 500 employees lose their jobs and the reorganization costs £ 12 million, but should save 28 million in total.
Aston Martin was recently acquired by Lawrence Stroll who pumped hundreds of millions into the company – 536 million pounds in total. The Canadian agreed to a £ 75 million loan in order not to jeopardize the company’s liquidity.
With the acquisition of Aston Martin, Stroll made a deal that the car maker will become a major sponsor of its own Aston Martin Racing team, with which it will be participating in Formula 1 from 2021 onwards.
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