Ineos Automotive, owned by billionaire Sir Jim Ratcliffe, has announced plans to reduce its workforce by “several hundred” positions from its 1,700 employees. The cuts are set to affect head office roles across multiple locations, including the UK and parts of Europe, though the company’s automotive plant in Hambach, France, is expected to remain unaffected.
The company has stated that these layoffs are part of “strategic measures to structure its business,” aiming to enhance efficiency. Ratcliffe co-owns Manchester United FC and has indicated challenges in establishing a profitable automotive business, particularly at the French factory, leading to recalls of over 7,000 Grenadier vehicles in the US due to faulty doors.
The decision comes amid increasing financial pressure, including the impact of Donald Trump’s tariffs on car imports into the US, which is a significant market for the Grenadier. Ineos Automotive is a branch of Ratcliffe’s larger business empire, which heavily focuses on the chemicals industry. Recently, Ineos shut down two chemical factories in Germany and announced plans to reduce jobs at its East Yorkshire plant, citing high energy costs and competition from cheap imports from China.
Ratcliffe has publicly criticized European green policies, arguing that they contribute to rising energy costs. The company is also pursuing anti-dumping cases related to cheap chemical imports in the EU to protect its petrochemicals business.
Despite these efforts, credit rating agencies have expressed concerns about Ineos Group’s financial stability. Reports indicate that the company’s debt has escalated to levels significantly exceeding its annual earnings, raising questions about its long-term viability. Ratcliffe’s ventures beyond chemicals include investments in sports teams and a recent stake in Manchester United, which has incurred losses totaling £300m over the last three years.
Source: https://www.theguardian.com/business/2025/nov/13/ineos-cut-jobs-carmaker-struggles-debts-jim-ratcliffe