Billionaire Sir Jim Ratcliffe’s car-making business is axing hundreds of jobs, including in the UK.
Ineos Automotive, which employs 1,700 people worldwide, has been grappling with debts and tariffs on imports into the US.
Yesterday, it said ‘several hundreds’ of office roles could be axed, including in London. The company employed 230 people in the UK last year, according to its most recent accounts.
‘This focuses the business on its core manufacturing and commercial activities, to grow sales and deliver exceptional products, service and support to customers,’ it said in a statement.
But it plans to open a new ‘Americas HQ’ in the US.
Sales of Ineos cars , which include the Grenadier 4×4 and the Quartermaster, have plunged 23 per cent in the UK this year, in comparison to last year, according to data from the Society of Motor Manufacturers and Traders.
Job cuts: Ineos Automotive, which employs 1,700 people across the world, has been grappling with a big debt pile as well as Donald Trump’s tariffs on imports into the US
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