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Economic Development

Aston Martin set to announce job losses as part of restructure

The Gaydon-based firm is believed to be planning to axe a small proportion of its workforce of 2,100

Aston Martin headquarters at Gaydon

º£½ÇÊÓÆµ car-maker looks set to shed jobs as part of a restructure being implemented by its chief executive Andy Palmer.

The Gaydon-based firm is believed to be planning to axe a small proportion of its workforce of 2,100 as part of a root and branch departmental review.

The firm has remained tight-lipped on numbers but it is thought the staff affected will undergo a consultation process before the end of 2015.

The latest development comes amid expansion plans, with the firm thought to be close to announcing the location for a new plant to produce its .

That decision is likely to be just weeks away with Coventry being one of the cities potentially in the running, along with Cardiff and Birmingham in Alabama, in the US.

Earlier in the year there was speculation Aston Martin might be interested in building a Midland plant in Longbridge but that option is now thought to have been shelved.

In April, Aston Martin secured £200 million in funding to develop new models, including the DBX, the investment coming in the form of £200 million of preference shares.

Mr Palmer has been at the helm at Aston Martin for around a year.