Renault is the latest team to take measures to mitigate the financial impact of the Formula 1 shutdown. Joining Racing Point, Williams McLaren and even Formula 1 itself, to furlough or engaged forced leave.
With the Canadian GP postponed and not clear date as to when F1 might restart, Renault and other entities within the F1 circus are beginning to roll up their sidewalks and stay at home. There’s nothing good about it and let’s hope this reverses course and soon.
Renault Press Release:
Renault Sport Racing announces measures to partially or totally reduce activities at its Viry-Châtillon and Enstone sites.
The crisis we have faced over the past weeks is unprecedented. Clear directives from the FIA and Formula One, plus the mobilisation of all stakeholders engaged in the sport, has made it possible to take several decisions to protect the teams in the short term and to strengthen our sport in the medium term.
In this context, Renault Sport Racing decided to observe the early and extended FIA shutdown for its Viry-Châtillon and Enstone sites, from March 30th to May 3rd inclusive. In addition, it will implement the following measures for its staff:
For Viry-Châtillon, Renault Sport Racing has decided to use a part-time schedule from April 6th for a provisional period of 12 weeks. This period may be reduced or extended dependent on the development of the situation. This decision was taken in consultation with employee representatives and was supported by a solidarity agreement aimed to protect the company and its employees. For activities not covered by the FIA shutdown – Formula E and Customer Racing – work will resume depending on health conditions and the needs of the company.
For Enstone, Renault Sport Racing has decided to retrospectively apply for the Job Retention Scheme set up by the British government. As of April 1st, the vast majority of Enstone staff will effectively have a total shutdown (furlough) until May 31st. This will be reviewed dependent on the development of the situation. It was also agreed to top-up the amount allocated by the government to guarantee a minimum of 80% of the actual salary for all team members. Salaries of active staff, including management, will be reduced in the same proportions.
Cyril Abiteboul, Renault Sport Racing Managing Director: “The very difficult human and sanitary circumstances that we are experiencing and the strict lockdown in France and England, as well as in most of the Grand Prix-organising countries, do not yet allow us to measure the impact on our sport. We therefore must use all the measures at our disposal to get through this prolonged period of uncertainty and inactivity as best as we can, while protecting the whole team we have built over the past four years.”