Aston Martin secures £550m loan deal
Aston Martin has secured £550m in loans as it attempts to boost its finances. The luxury car maker has been struggling in recent years and
Aston Martin has secured £550m in loans as it attempts to boost its finances. The luxury car maker has been struggling in recent years and in March announced it would cut about 600 jobs, as last year's net losses leapt by a little over 50% to £493.2m.
The firm has blamed the effects of US tariffs and weak demand in China. Its half-year results are set to be published on 29 July, but on Wednesday the firm announced loans that it said would bolster its balance sheet and fund future product plans.
Headquartered in Gaydon, Warwickshire, most of the job cuts were thought to affect sites in the UK, where the majority of its staff are based. The
company has been burning through cash and at the time it announced the job cuts, Aston Martin said the move would mean annual savings of about £40m.
The BriefWire