Triumph Motorcycles set to downsize global workforce
The impact of COVID-19 has forced Triumph Motorcycles to downsize its global workforce, with 400 job cuts expected worldwideTriumph Motorcycles is set to cut around 400 jobs from its global workforce as COVID-19 continues to impact the motorcycle industry.
The Hinckley-based company has revealed that the redundancies, which include 240 workers in the UK, are a result of a drop in sales of bigger capacity bikes. The company believes COVID-19 has reduced the demand for larger motorcycles.
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While Triumph claims that it has outperformed the downward trend seen across key markets in Europe and the USA, it still expects markets to remain down on pre-coronavirus levels. The job cuts are a case of futureproofing to protect the long-term health of the business.
Triumph warned of potential job cuts at its Hinckley factory in February, after it announced it would be moving much of its large scale motorcycle production to its Thailand factory. The Hinckley factory continues to produce bespoke models and house the R&D centre.
A local Leicestershire newspaper reported that Triumph employs 2,500 people worldwide, with 1044 of those based in the UK.
The Triumph brand was founded in 1885 and was resurrected by John Bloor in 1983 after it went into receivership. The company reported a revenue of £529.5m in 2019, up £26.8m on the previous year. Pre-tax profit reached £9.5m, up £500,000 from the previous year. Triumph sells around 60,000 motorcycles per year.
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