Airbus reportedly 'bleeding cash' and must 'act urgently' to survive

The boss of Airbus has reportedly told staff the firm is “bleeding cash” due to the fall in demand for air travel caused by the coronavirus pandemic.

Airbus employs 13,500 people in total across the UK and has a factory in Broughton, north Wales, where wings for commercial aircraft are built.

The company's chief executive, Guillaume Faury, is said to have issued the warning in a letter to the aerospace giant’s employees on Friday.

According to reports, he wrote: “We’re bleeding cash at an unprecedented speed, which may threaten the very existence of our company.”

A spokesman for Airbus said the firm does not comment on internal communications.

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In the letter, Mr Faury reportedly also said that the company must “act urgently” if it is to survive.

The coronavirus outbreak has led to airlines grounding the majority of their fleet as all non-essential travel is avoided.

Earlier this month, Airbus announced a plan to cut its aircraft production rates by around a third. They are also due to issue their financial results for the first quarter of the year on Wednesday 29.

Airbus is the largest commercial aerospace company in the UK and, as well as the north Wales site, they have a factory in Bristol.