McLaren looks to sell Woking HQ for £200 million
Iconic Norman Foster designed McLaren base to be sold and leased back to the company as part of cash-raising measures
McLaren will sell its iconic McLaren Technology Centre HQ and additional facilities in Woking, Surely, with a view to leasing the site back.
The British brand’s finances have suffered heavily during the coronavirus pandemic, owing to a sharp fall in supercar sales and the prolonged postponement of the Formula 1 season.
McLaren burnt through £191 million in the first quarter of 2020 on operating costs alone. The company managed to secure £300 million from investors earlier this year – but the forecast for the cash was finalised before the economic impact of the Covid-19 pandemic.
The sale of its Woking HQ could secure McLaren an extra £200 million in cash, while the company would not move anywhere, operating on a lease from the new building owners.
A spokesperson for the McLaren Group said: “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.
“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.
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