McLaren "seeks £ 200million" for sale of Woking headquarters – F1ACTU

The McLaren Group is seeking an additional financial boost by selling its Woking headquarters in a deal that could bring in 218 million euros.

McLaren quotseeks 200millionquot for sale of Woking headquarters - McLaren "seeks £ 200million" for sale of Woking headquarters - F1ACTU

Sky News says McLaren has commissioned real estate agent Colliers to start looking for a buyer for the McLaren technology center. The move, which is expected to attract the interest of international real estate investors, will be part of a broader strategy to support the company's finances after months of disruption caused by the pandemic.

McLaren has already raised hundreds of millions of pounds in equity from existing shareholders this year, and has also secured a loan of 170 million euros from the National Bank of Bahrain.

Sources said the company has now appointed Goldman Sachs and HSBC to advise it on a new fundraising and debt refinancing set to take place next year.

McLaren is also preparing to sell a minority stake in the racing department, which should tempt high net worth individuals following the recent sale of Williams to US investor Dorilton Capital.

In a statement to Sky News, a spokesperson for McLaren said: “The eventual sale and leaseback of our global headquarters and the appointment of banks to advise us on a debt restructuring and capital increase are part of the overall refinancing strategy announced earlier this year. "

“Building on the short-term measures we put in place over the summer, these initiatives will strengthen the balance sheet and ensure that the McLaren Group has a sustainable platform for growth and investment at long term. "

“The sale-leaseback proposal is a best practice for large companies and will not impact our day-to-day operations. The McLaren Campus, which includes the McLaren Technology Center, the McLaren Production Center and the McLaren Intellectual Leadership Center, is an iconic world-class facility that will remain our home into the future. "

1599771915 404 McLaren quotseeks 200millionquot for sale of Woking headquarters - McLaren "seeks £ 200million" for sale of Woking headquarters - F1ACTU

News of the plan comes as McLaren improved their situation on the track, with the team placing third at the 2020 Constructors' Championship.

Last month, the company reported an operating loss of £ 184million for the first half of the year.

With the introduction of the budget cap in F1 starting next year, sources told Sky News that the sale of a minority stake could allow McLaren to operate at the budget cap level on a sustainable basis.

At the start of the year, McLaren cut 1,200 jobs across its operations as part of a restructuring plan affecting more than a quarter of the workforce.

McLaren is owned by investors led by Mumtalakat, Bahrain's sovereign wealth fund, which injected £ 300million of equity into the company in March.

The search for new funding has been accelerated following the rejection of a government loan request of £ 150million.

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