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Moneyweb reports that automotive group Motus is in the process of reducing the size of its workforce by about 2,000 people through an early retirement and retrenchment process that will cost the company between R120 million and R140 million.
This is among the actions it is taking to reduce the negative impact of Covid-19 and the lockdown on the group’s operations and mitigate the business risk. Motus CEO Osman Arbee said on Tuesday the bulk of affected people were in the company’s car retail and car rental businesses. Arbee also indicated that Motus had reduced the size of its car rental fleet by 7,000 vehicles, and had closed 20 of its 100 car rental sites. The Covid-19 pandemic and lockdown has also forced Combined Motor Holdings (CMH), where the car hire segment presents the group’s highest risk exposure, to take drastic action. CEO Jebb McIntosh reported on Tuesday that the staff complement had been reduced by 15% and a further 15-20% reduction was anticipated over the coming months. McIntosh commented: “There will, no doubt, be many business casualties as a result of the trading disruption caused by the lockdown.”
- Read the full original of the report in the above regard by Roy Cokayne at Moneyweb
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