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September 11, 2020

McLaren puts UK HQ on the block

Supercar maker McLaren Group said it was strengthening its balance sheet by selling its Surrey headquarters in southern England in a deal that could raise GBP200m, a media report said.

By Olly Wehring

Supercar maker McLaren Group said it was strengthening its balance sheet by selling its Surrey headquarters in southern England in a deal that could raise GBP200m, a media report said.

Sky News said McLaren had instructed Colliers to begin marketing a sale and leaseback of its McLaren Technology Centre in Woking.

The report said the deal, expected to draw interest from international property investors, would be part of a broader strategy to restore company finances after months of disruption caused by the coronavirus pandemic.

McLaren had already raised hundreds of millions of pounds in equity from existing shareholders this year and also arranged a GBP150m loan from the National Bank of Bahrain, Sky News added.

London financial circle sources told the broadcaster the company had appointed Goldman Sachs and HSBC to advise it on a further equity raising and debt refinancing expected next year.

Sky News said McLaren was also planning the sale of a minority stake in its racing division which was likely to tempt offers from wealthy individuals in the wake of the Williams Formula 1 team’s recent sale to US investor Dorilton Capital.

In a statement to Sky News, a McLaren spokesman 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.”

The automaker would not respond to calls from just-auto seeking further comment and said it would reply only to email queries, to which we await a response.

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