Month: February 2026

Hornby has agreed to sell the iconic slot car racing brand Scalextric for £20 million in a move designed to strengthen its balance sheet and refocus the business on its core brands.
The Margate-based toy maker has struck a deal with family-owned investment vehicle Purbeck Capital Partners, which will acquire Scalextric and its associated intellectual property through a newly formed holding company, Scalextric Motorsports.
The transaction, which includes a mix of upfront and deferred payments, will see Hornby use the proceeds to reduce debt and invest in its remaining portfolio, including Airfix and its model railway operations. Hornby is backed by Frasers Group founder Mike Ashley.
Scalextric was first introduced in 1957 by inventor Fred Francis and quickly became a staple of British toy cupboards, allowing families to race miniature cars around electric tracks at home. Production was later moved to Hornby’s Margate factory, where the brand became synonymous with hands-on motorsport fun for generations.
Purbeck Capital is led by Mark Brown, the former chief executive of US spirits giant Sazerac, which owns brands such as Southern Comfort and Fireball. The Scalextric acquisition marks Purbeck’s first deal.
Brown said the firm was “honoured and thrilled” to acquire such a long-standing British motorsport brand, describing Scalextric as a business that has brought families together for nearly seven decades.
“As we look to a long-term future, with Scalextric as a now family-owned company, we are energised by the opportunity to continue bringing competitive racing fun to families, while expanding into new areas of motorsport,” he said. He added that the brand also has scope to promote physical play and hand-eye coordination at a time when many families are seeking to balance screen time with real-world activities.
As part of the agreement, Brown will also take on a role supporting Hornby with its wider strategic transformation plans. The aim is to create a group structure in which individual brands can operate more independently and profitably.
The disposal reflects Hornby’s ongoing efforts to stabilise its finances after a challenging period for the traditional toy sector, which has faced rising input costs, changing consumer habits and intense competition from digital entertainment.
By divesting Scalextric, Hornby is betting that a sharper focus on its core modelling brands, combined with a stronger balance sheet, will position the near century-old business for a more sustainable future, even as one of its most recognisable names embarks on a new chapter under separate ownership.
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Hornby steers sale of near 70-year-old toy brand Scalextric for £20m

Circular tech start-up Kibu has secured an investment offer from entrepreneurs Peter Jones and Jenna Meek following a televised pitch on Dragons’ Den, putting repairable children’s electronics firmly in the national spotlight.
The award-winning brand, which produces modular, repairable headphones for children, appeared on the long-running BBC programme represented by co-founder and chief executive Sam Beaney. Kibu’s pitch focused on its mission to redesign children’s consumer electronics around circular principles, prioritising disassembly, repair and customisation over disposal.
Founded through a collaboration between London-based design studio Morrama, advanced manufacturing partner Batch.Works and Beaney, Kibu first launched via a successful Kickstarter campaign. Since then, the company has transitioned from prototype to scalable commercial product, positioning itself as a challenger brand in a sector dominated by low-cost, disposable devices.
Kibu’s headphones are built with modular components that can be taken apart and reassembled by children. Individual parts can be replaced in minutes, extending product lifespan and reducing electronic waste. The design also allows for aesthetic customisation, enabling users to change colours and update components as preferences evolve.
The brand has already received international recognition for innovation and sustainability, tapping into growing parental demand for durable, repairable products in an era of heightened environmental awareness.
Speaking during the broadcast, Jones praised the concept and offered backing, citing his own early experience building and selling computers as a teenager. Meek also expressed interest in supporting the venture.
Beaney told the Dragons that empowering children to build and repair their own technology shifts their relationship with ownership and value. “When a child builds something themselves, it changes how they feel about it. When they learn they can fix what they’ve made, it changes how they see everything they own,” he said.
Jo Barnard, founder and creative director of Morrama, described the brand as a blueprint for futureproof electronics. By combining onshored manufacturing with agile supply chains, she argued, Kibu could unlock wider opportunities across children’s consumer technology.
Julien Vaissieres, chief executive of Batch.Works, said the project demonstrated how manufacturing can be structured to reduce waste while maintaining commercial viability. As both a founder and a parent, he said, the appeal lay in giving children agency over the products they use daily.
Now in its 23rd series, Dragons’ Den remains one of the UK’s most visible entrepreneurial platforms, attracting around three million viewers per episode on BBC One. For Kibu, the appearance offers both capital and brand recognition at a pivotal growth stage.
With investor backing now on the table, Kibu plans to scale distribution while continuing to develop its circular design ethos. The company believes its repair-first approach could extend beyond headphones into a broader range of children’s electronics, an industry segment increasingly scrutinised for its environmental footprint.
As sustainability pressures intensify and right-to-repair legislation gains momentum across global markets, Kibu’s model may offer an early glimpse of how future consumer electronics for children could be designed, manufactured and owned.
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Kibu secures investment offer from Peter Jones and Jenna Meek after Dragons’ Den pitch

Society of Motor Manufacturers and Traders (SMMT) has reported a sharp contraction in UK vehicle output at the start of the year, with total production down 13.6 per cent in January as weaker export demand weighed heavily on the sector.
A combined 67,415 vehicles left British factories during the month, comprising 65,249 cars and 2,166 commercial vehicles. Car production declined by 8.2 per cent compared with January 2025, while commercial vehicle output slumped by 68.6 per cent year on year.
The fall was primarily driven by reduced overseas demand. Although domestic appetite for UK-built cars remained broadly stable, export volumes softened, particularly in markets outside Europe. Exports typically account for the majority of British vehicle production, leaving manufacturers exposed to fluctuations in global demand and trade conditions.
The United States remained the second-largest destination for UK-built cars after the European Union, accounting for 14.1 per cent of exports. Japan followed with a 2.7 per cent share, while China and Turkey took 2.5 per cent and 2.4 per cent respectively.
Electrified vehicle output also declined. Production of battery electric vehicles (BEVs), plug-in hybrids and hybrid models fell by 10.6 per cent to 26,854 units, representing 41.2 per cent of total car output. Despite the drop, electrified vehicles continue to form a substantial share of UK production as manufacturers transition towards zero-emission platforms.
The industry body said the weak start to the year reflected subdued global demand and underlined the importance of stable trade relationships. Protectionist measures and “made in Europe” proposals in some markets were cited as additional headwinds.
Mike Hawes, chief executive of the SMMT, described January’s figures as disappointing but pointed to expected recovery later in the year as new electric models enter production.
“Weak exports to markets beyond Europe amid soft demand delivered a disappointing start to the year for UK vehicle manufacturing,” he said. “It reinforces the need for a forward-looking trade agenda that secures existing preferential access and builds new ones with markets worldwide.”
The SMMT expects overall car production to increase by more than 10 per cent to around 790,000 units in 2026, with the potential to reach one million vehicles by 2027, provided new model launches proceed on schedule and investment conditions remain supportive.
The outlook hinges on competitive energy costs, a strong domestic market and targeted supply chain support, the trade body said, as the sector continues its capital-intensive shift towards electrification.
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UK car production falls 13.6% in January as exports slide

MPs have approved Doug Gurr as fit to become the next permanent chair of the Competition and Markets Authority (CMA), but warned ministers that additional safeguards are needed to protect the regulator’s independence and address potential conflicts of interest.
In a report published on Thursday following a pre-appointment hearing earlier this week, the House of Commons Business and Trade Committee said it was satisfied that Mr Gurr has “the professional competence and independence required” to take on the role as defined by the Government. However, the committee stressed that serious concerns remain about the context of his appointment and the broader direction of competition policy.
Mr Gurr, a former senior executive at Amazon, was questioned extensively by MPs about his ability to act independently, particularly given the circumstances surrounding the removal of the previous chair amid pressure to align the watchdog more closely with the Government’s pro-growth agenda. Committee members made clear that the CMA must not prioritise investment or consolidation over consumer welfare, warning that growth cannot come at the expense of competition.
MPs also expressed unease about potential conflicts of interest arising from Gurr’s long and senior career at Amazon, one of the world’s largest technology companies and a business that could fall within the CMA’s new digital market regime. The committee suggested ministers consider whether he should recuse himself from any future decision about designating Amazon with Strategic Market Status under the Digital Markets, Competition and Consumers Act 2024.
The hearing also became a wider examination of the CMA’s recent performance. MPs noted that staff numbers at the regulator have almost doubled over the past decade, yet competitive pressures in the UK economy have not improved. They criticised what they described as slow market investigations during the cost-of-living crisis and weak enforcement action in certain high-profile cases.
Concerns were also raised about the CMA’s handling of digital competition issues, including delays in seeking remedies from Google over its relationship with news publishers and the limited commitments secured from Google and Apple regarding their mobile ecosystems. The committee questioned whether the watchdog had been sufficiently assertive in deploying its new statutory powers.
Internal challenges within the CMA were also highlighted. A recent budgeting error forced a 10 per cent reduction in staff, and internal surveys suggest that only around a quarter of employees expect to remain at the organisation for the next three years. MPs indicated that rebuilding morale and confidence inside the regulator would be a significant task for the new chair.
Another issue scrutinised during the hearing was the time commitment attached to the role. The CMA chair is currently expected to dedicate two days a week to the position. The committee questioned whether that allocation is sufficient for a regulator operating at the centre of politically sensitive and economically significant decisions, particularly during periods of crisis or intense scrutiny.
While the committee ultimately endorsed Mr Gurr’s appointment, it warned that it is “not the hallmark of a robust recruitment process” to have secured only one appointable candidate for such a critical role.
Liam Byrne, the committee’s chair, said the CMA sits at the heart of whether markets work for consumers or against them. He said that although Mr Gurr is professionally competent to take on the job, ministers must take steps to maximise confidence in the appointment.
“Growth cannot mean greater concentration,” Byrne said. “Investment cannot come at the expense of consumer welfare. And operational independence must be protected in fact, not just in theory.”
The final decision now rests with the Business Secretary, but the committee’s report makes clear that Parliament will be watching closely to ensure that the CMA remains an independent and effective guardian of competition in the UK economy.
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MPs back Doug Gurr for CMA chair but demand safeguards over conflicts and independence

Ocado Group is preparing to cut 1,000 jobs over the next year as it accelerates a cost-cutting drive aimed at stabilising finances and restoring investor confidence.
The reductions, equivalent to around 5 per cent of its global workforce , will fall heavily on the UK, with roughly two-thirds of the affected roles based domestically. Most of the cuts are expected at the company’s headquarters in Hatfield, Hertfordshire, and will largely impact technology and support functions.
The announcement came alongside Ocado’s full-year results, which revealed widening losses despite revenue growth.
Chief executive Tim Steiner said a “significant number” of roles would no longer be required as part of a broader restructuring to align the business with a lower cost base.
“These changes reflect the lower structural cost base that we have signalled over recent years,” Steiner said. “Regrettably, this means a significant number of roles will no longer be required. We will support those impacted through this process.”
Ocado said the measures are expected to generate annual cost savings of approximately £150 million.
The group employs around 20,000 people worldwide, the majority in the UK. The job losses follow several years of strategic recalibration as the company grapples with underperformance in its international technology partnerships.
For the year to 30 November, Ocado reported group revenues of £1.36 billion, up 12 per cent year-on-year. However, pre-tax losses at continuing operations widened to £377.6 million, compared with a £339.8 million loss the previous year.
The company has been under mounting pressure after setbacks in North America. US grocery chain Kroger confirmed it would close three automated customer fulfilment centres operated by Ocado after sales fell short of expectations. In January, Canadian retailer Sobeys announced the closure of its Calgary facility.
These developments have shaken confidence in Ocado’s technology-led global expansion model, which had once positioned the company as a disruptive force in grocery logistics.
By midday trading, Ocado shares had fallen more than 7 per cent, extending a sharp decline over the past 12 months.
Chris Beauchamp, chief market analyst at IG, said Ocado’s early-mover advantage in grocery delivery had eroded as established supermarket chains developed in-house technology.
“For a company once seen as the future of supermarket delivery, its fate has been overtaken by its more pedestrian, but larger, rivals,” he said.
“Rather than use Ocado’s technology, they have instead built their own and simply bypassed the newcomer, leaving Ocado as the great white elephant that failed to deliver.”
Traditional supermarket operators have increasingly invested in their own distribution infrastructure, leveraging scale and existing store networks rather than outsourcing to Ocado’s robotics-led model.
The scale of the job losses has prompted concern in Hatfield, where Ocado’s headquarters has been a significant local employer.
Andrew Lewin, Labour MP for Hatfield, described the cuts as “a serious setback”.
“Hatfield has been Ocado’s HQ for many years and people from our community have been integral to the growth and success of the business,” he said. “Ocado’s decision to cut hundreds of local jobs will hit hard.”
The announcement underscores broader pressures in the UK retail and grocery sector, where businesses are facing rising operating costs, technological change and cautious consumer spending.
Separately, Sainsbury’s confirmed that up to 300 roles are at risk as it restructures its technology and data divisions across its supermarket and Argos operations.
Ocado, which operates its own online grocery joint venture with Marks & Spencer alongside its technology licensing arm, now faces the challenge of proving that its capital-intensive robotics model can deliver sustainable returns in a more competitive and cost-sensitive environment.
The coming year will test whether aggressive cost discipline and restructuring can reposition the company for profitability — or whether further retrenchment lies ahead.
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Ocado to axe 1,000 jobs in cost-cutting drive

The number of young people not in education, employment or training has edged closer to one million, underlining mounting pressure on Britain’s fragile labour market and intensifying calls for targeted intervention from ministers.
Official figures from the Office for National Statistics (ONS) show that an estimated 957,000 people aged 16 to 24 were classified as Neet between October and December 2025. That represents 12.8 per cent of the age group, a slight rise on the previous quarter and perilously close to the one-million mark last seen in the aftermath of the global financial crisis.
While the total is marginally lower, by 0.4 percentage points, than the same period a year earlier, the quarterly increase reflects persistent weakness in youth employment prospects, particularly as hiring in hospitality, retail and graduate schemes continues to contract.
The ONS said the latest uptick was driven primarily by a rise in the number of young women classified as Neet. At the end of 2025, 12.2 per cent of young women were not in work, education or training, up on the previous quarter. By contrast, the number of young men in the same category fell slightly.
A young person is considered Neet if they are unemployed and actively seeking work, or economically inactive, meaning they are not seeking work and are not enrolled in education or training. The data shows that the number of unemployed Neets rose 12.3 per cent quarter-on-quarter, while economically inactive Neets fell by 6.6 per cent, suggesting more young people are attempting to re-enter the labour market but struggling to secure roles.
The UK jobs market remains subdued, with vacancies recently falling to their lowest levels in five years. Youth unemployment has been disproportionately affected by employers cutting entry-level hiring in response to rising wage costs and increased national insurance contributions.
Research from the Youth Futures Foundation has pointed to long-term sickness, mental health challenges and neurodivergence as key contributors to rising economic inactivity among young people in recent years.
Joseph, 24, from Solihull, who is autistic and has been unemployed for three years, described the difficulty of breaking into the workforce.
“There’s a real taboo around needing experience to get a job, but only being able to gain experience through a job,” they said. “Confidence can definitely be an issue. I’ve only ever worked one job that’s in person. I didn’t know how things worked, the commute into work, that sort of thing.”
Joseph said autism “can be a barrier but it can also be a strength”, adding that many employers fail to understand this. They are currently being supported by a youth worker from The King’s Trust to help secure paid employment.
Work and Pensions Secretary Pat McFadden acknowledged that youth inactivity represents “a long-term challenge” and said the government was backing apprenticeships and paid work placements.
Chancellor Rachel Reeves has pledged that young people who have been out of work or education for 18 months will be offered a guaranteed paid placement. Those who refuse may face benefit sanctions, a proposal that has drawn criticism from some campaigners.
An independent inquiry into the rise in youth inactivity, led by former Labour health secretary Alan Milburn, is under way and due to report this summer. Milburn has said he will examine systemic failings across employment support, skills provision, health and welfare.
Louise Murphy, senior economist at the Resolution Foundation, warned that the UK was “perilously close” to a youth unemployment crisis.
“Today’s data adds to the picture of a generation up against real and complex barriers to finding a good job and improving their living standards,” she said. “Acting sooner rather than later can help prevent these worrying trends becoming an entrenched crisis.”
The think tank has urged Reeves to make an exception to her policy-light Spring Statement and introduce additional measures to tackle youth unemployment directly.
The data also adds to pressure on ministers over plans to scrap the lower minimum wage rate for 16 and 17-year-olds. Some employers argue that equalising rates would make it too costly to hire younger workers at a time when margins remain tight.
Government sources have indicated that while ministers are reluctant to abandon the pledge, a delay is under consideration.
Ben Harrison, director of the Work Foundation at Lancaster University, said the figures demonstrated “the magnitude of the challenge facing young people and the government”.
“There is a considerable risk that more young people will slip into long-term worklessness unless government acts to address the causes of this rise,” he said.
The last time the number of young Neets exceeded one million was between July and September 2011, in the prolonged aftermath of the 2008 financial crisis. Analysts warn that sustained weakness in entry-level recruitment risks scarring a generation, with long-term consequences for earnings and productivity.
The ONS cautioned that Neet figures can be volatile due to the smaller sample size relative to broader unemployment data. The statistics are derived from the Labour Force Survey, which has faced scrutiny over response rates and data quality in recent years. The ONS says it is working to improve the survey through increased interviewer recruitment and methodological reforms.
For now, however, the headline figure, nearly one million young people disconnected from work or education, stands as a stark reminder of the fragility of Britain’s youth labour market.
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Nearly one million young people out of work or education as Neet rate edges higher

John Lewis Partnership has abandoned its build-to-rent housing ambitions, retreating from a high-profile property diversification strategy as the group pivots back towards its core retail business.
The employee-owned retailer confirmed it would withdraw from the rental housing scheme first championed by its former chair, Sharon White, who had sought to reduce reliance on retail by generating 40 per cent of profits from non-retail ventures by 2030. That target was later scrapped.
The build-to-rent initiative, launched in partnership with Aberdeen, aimed to deliver around 1,000 rental homes across sites in Ealing and Bromley in London and Reading in Berkshire. Aberdeen had pledged to raise £500m from institutional investors to fund the developments.
However, John Lewis said that the funds were never secured due to shifting macroeconomic conditions.
“Our rental property ambition was based on a very different financial environment: one with more stable investment returns, lower borrowing costs and more affordable construction costs,” a spokesman said. “The current climate, higher interest rates, inflationary pressures and a more cautious property market, means the model no longer meets our investment criteria.”
The decision marks a significant strategic reset under Jason Tarry (pictured), the former Tesco executive who became chair in 2024. Tarry has sought to restore the partnership’s focus on retail performance after several years of financial strain and cancelled staff bonuses.
The group is now pursuing an £800m investment programme aimed at revitalising its department stores, alongside a £1bn investment in its Waitrose estate of 320 shops. Recent initiatives include a high-profile partnership to bring Topshop concessions into John Lewis stores as it seeks to win back younger customers.
The build-to-rent strategy had originally been positioned as a way to unlock value from surplus Waitrose land and car parks while creating a more stable, long-term income stream less exposed to retail volatility.
However, the proposals were controversial from the outset. Local communities and planning authorities raised concerns over building heights, density and the proportion of affordable housing. Although several schemes ultimately secured planning approval, in some cases after appeals and intervention by government inspectors, the projects required significant upfront investment.
While John Lewis has not disclosed how much has been spent to date, it is understood that several million pounds were invested in design, planning and legal costs before the scheme was halted.
The withdrawal underlines the pressure facing retailers that diversified into property during the era of low interest rates. Higher borrowing costs have eroded returns on residential development, while construction inflation has increased project risk.
For John Lewis, the move signals a return to fundamentals after what some critics inside and outside the partnership viewed as a distraction from its core business.
With the cost-of-living crisis squeezing consumer spending and competition intensifying across both fashion and grocery, the partnership is betting that renewed focus on shopkeeping, rather than landlord ambitions, offers a clearer path to restoring profitability and rebuilding confidence among its employee-owners.
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John Lewis pulls plug on build-to-rent venture amid retail reset

The future of The Fat Duck and other restaurants founded by Heston Blumenthal is in doubt after HM Revenue & Customs issued a winding-up petition against the chef’s parent company.
HMRC has moved against SL6 Ltd, which owns The Fat Duck in Bray, Berkshire, alongside the one-Michelin-starred The Hinds Head and several affiliated ventures. Around 130 staff are understood to be at risk should the petition proceed.
The action follows a further deterioration in the group’s finances. Accounts filed at Companies House show SL6 Ltd recorded a loss of £2.05m for the year to 2024, up from £1.39m the previous year, despite turnover of £8.9m.
Administrative expenses totalled £8.4m, including £2.3m in cost of sales, while staff costs rose to £4.07m, reflecting inflationary pressure and higher wage bills.
The company’s accounts reveal total debts of £2.7m, including £1.67m owed in taxation and social security and £5,417 in corporation tax. It also reported a bank overdraft of £806,091, more than the £697,605 held in cash, alongside several outstanding bank loans.
A strategic report signed by Ronald Lowenthal, who now controls SL6 Ltd after Blumenthal sold his stake in 2006, acknowledged a year of “tough economic conditions”, citing inflation across the supply chain, recruitment challenges and rising wage costs.
Lowenthal said the company had chosen not to pass the full burden of inflation on to customers, despite the impact on profitability. The Fat Duck’s signature 13-course tasting menu, “The Journey”, is currently priced at £350 per head.
Auditors Lawfords Consulting previously described the business as a “going concern”, noting management was seeking long-term funding to stabilise operations. However, HMRC’s decision to file a winding-up petition suggests negotiations may not have secured sufficient support.
A spokesperson for HMRC said it could not comment on individual cases but added that winding-up petitions are only filed after other recovery options have been exhausted.
The development comes at a difficult time for the UK hospitality sector, which has faced rising energy bills, food inflation and higher employment costs in recent years. Fine dining establishments have been particularly exposed to fluctuations in discretionary spending.
The timing is also notable given fresh political debate around the value of the hospitality sector. Comments this week from a senior government adviser suggesting Britain does not “need any more restaurants” have drawn criticism from industry figures already grappling with higher taxes and regulatory pressures.
Blumenthal, famed for inventive dishes such as snail porridge and “Sound of the Sea”, became one of Britain’s most recognisable chefs through The Fat Duck’s experimental cuisine and television appearances. The restaurant has long been regarded as a cornerstone of modern British gastronomy.
If the winding-up petition proceeds and the company cannot secure funding or reach a settlement with HMRC, the case could result in compulsory liquidation, placing one of Britain’s most celebrated culinary brands in jeopardy, however a spokesperson for SL6 Limited, has said: “This was an administrative oversight during our transition to a new accounting system, which we are working to resolve. Our restaurants are busier than ever, and there will be no impact on our operations. From our side, it is business as usual.”
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Heston Blumenthal’s restaurant empire under threat after HMRC winding-up petition

Aston Martin has confirmed it will cut 20% of its workforce after annual losses widened sharply, as the luxury carmaker battles weak global demand and the impact of US trade tariffs.
The Gaydon-based manufacturer said net losses jumped 52% last year to £493.2m, while operating losses reached £259.2m. The company employs about 3,000 people globally, meaning around 600 roles are expected to go, with the majority of cuts understood to affect UK operations.
Aston Martin said the restructuring programme would generate annual savings of approximately £40m, with most of those savings realised during 2026. It did not provide a detailed timetable for the redundancies but confirmed that roles across the business, including factory positions, would be affected.
The carmaker blamed “extremely disruptive” US tariffs introduced under Donald Trump, as well as subdued demand in China, the world’s largest automotive market. The company has already warned that tariffs have significantly affected sales in the US, one of its key territories.
In a statement, Aston Martin said: “Having undertaken at the start of 2025 a process to make organisational adjustments to ensure the business was appropriately resourced for its future plans, we had to take the difficult decision at the end of 2025 to implement further changes. This latest programme will ultimately see the departure of up to 20% of our valued workforce.”
The job cuts form part of a broader effort to stabilise the company’s finances after years of volatility. Alongside the workforce reduction, Aston Martin has trimmed its five-year capital expenditure plan to £1.7bn, down from £2bn, by delaying investment in electric vehicle development.
The move signals a shift in strategy as the company prioritises short-term cash preservation over accelerated electrification. It comes amid a wider slowdown in EV demand across the luxury segment and mounting pressure on automakers from rising borrowing costs and trade uncertainty.
Aston Martin said it expects further cash outflows in 2026 but forecast a “material improvement” in financial performance, supported by the launch of its Valhalla hybrid supercar. Around 500 deliveries of the £850,000 model are expected to contribute to improved margins.
The company is targeting gross margins in the high 30% range and adjusted earnings before interest and taxes close to break-even.
In a separate effort to bolster its balance sheet, Aston Martin last week agreed a £50m deal to sell perpetual branding rights to its Formula One team.
Despite the cost-cutting measures and asset disposals, the company faces continued scrutiny from investors over its long-running turnaround plan, as it attempts to rebuild profitability in a turbulent global market.
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Aston Martin to cut 20% of workforce as annual losses widen