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McLaren looks to sell and lease back its iconic HQ to raise £200m

Time 8 months ago

McLaren is reportedly planning to sell and lease back its famous headquarters in an effort to shore up its business as it deals with the fallout from the coronavirus pandemic.

The sports car and Formula One firm has been at the Norman Foster-designed facility in Woking, Surrey, since 2003.

The sale of the building could raise more than £200m, according to the Guardian, injecting a vital boost to McLaren’s finances.

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The British brand has been hit particularly hard by the slump in global car sales throughout the coronavirus pandemic.

It has tapped investors for cash and announced in May it would be cutting 1,200 jobs (around a quarter of its workforce) because of the annual spending cap for Formula 1 teams, and the suspension of manufacturing and retail sales during the pandemic.

According to Sky News, estate agents Colliers has been hired to find a buyer.

McLaren does not intend to move out of the building but lease it back, though.

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A McLaren spokesman said the arrangement would not affect day-to-day operations.

‘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,’ he 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.’

James Batchelor's avatar

James – or Batch as he’s known – started at Car Dealer in 2010, first as the work experience boy, eventually becoming editor in 2013. He worked for Auto Express as editor-at-large and was the face of Carbuyer’s YouTube reviews. In 2020, he went freelance and now writes for a number of national titles and contributes regularly to Car Dealer.

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