McLaren is set to put its Formula 1 and automotive factories up for sale in a bid to secure much needed funds as a result of the coronavirus pandemic.
McLaren’s financial position has been on rocky ground since March, with the British company seeking to raise hundreds of millions to strengthen its balance sheet in light of the coronavirus pandemic, which has hit sales of its sportscars, whilst Formula 1 income has also been dented.
Earlier this year McLaren managed to raise hundreds of millions of pounds in equity from existing shareholders, as well as secruing a £150 million loan from the National Bank of Bahrain.
Now it is seeking to raise around £200m by selling its famous Woking headquarters, which consists of three main buildings including The McLaren Technology Centre and McLaren Automotive.
According to Sky News, McLaren has instructed property agent Colliers to market the property and land, which McLaren would then leaseback on a multi-year deal, therefore it would continue to operate out of the facility for the foreseeable future.
“The potential sale and leaseback of our global headquarters and the appointment of banks to advise us on a debt restructuring and equity raise are part of the comprehensive refinancing strategy that we announced earlier this year,” a spokesperson said.
“Building on the shorter-term measures that we put in place over the summer, these initiatives will deliver a stronger balance sheet and ensure that McLaren Group has a sustainable platform for long-term growth and investment.
“The proposed sale and leaseback mirrors best practice among leading companies and will have no impact on our day-to-day operations.
“The McLaren Campus, comprising the McLaren Technology Centre, McLaren Production Centre and the McLaren Thought Leadership Centre, is an iconic, world-class facility that will remain our home in the future.”
McLaren, which has enjoyed improved on-track success this season so far and currently sits third in the Constructors’ Championship, posted a £184m loss for the opening half of 2020.