LEAFIELD-based Formula 1 team Caterham has announced 40 staff redundancies.
It comes after it was bought up by a consortium of Swiss and Middle Eastern investors from Malaysian entrepreneur Tony Fernandes.
A Caterham spokesman said it was “a necessary step taken by the new owners... whose priority is the future of the team”.
The news was broken to employees earlier this week as the team prepared for Sunday’s German Grand Prix at Hockenheim.
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7:00am Friday 24th October 2014
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6:30am Friday 24th October 2014
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9:00am Thursday 23rd October 2014
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