Inchcape to axe 500 jobs in £25m cost-cutting
Inchcape outlined plans to cut 500 jobs in a sign that at least some in the private sector are in no mood to hire axed public sector workers.
The car dealership, which sells new and used cars in 26 countries and employs 14,300 staff, is still it cost-cutting mode despite a rebound in business.
It plans to save £25m by offloading 10 sites and cutting jobs in the UK, Belgium, Singapore and Greece.
The news came just a day after Chancellor George Osborne put his faith in the private sector to make up for 490,000 job losses in the public sector over the next four years.
Inchcape posted an 8.6% increase in sales in the first nine months of the year and said full-year profits will be better than originally thought.
The firm (down 6.6p at 345p) said the UK business performed 'slightly better than expected' in the third quarter thanks to demand for luxury cars.
It came as figures from the Society of Motor Manufacturers and Traders said 126,548 cars were built last month – up 5.8% on a year earlier.
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