McLaren is about to sell its HQ in Surrey, reports New Skys. TPG, one of the world’s biggest shopping companies, will become the new owner for £180 million. McLaren is reportedly doing this with a view to a sell and rent– construction.
The corona crisis has taken a big hit and McLaren is also in a difficult financial situation. Since the start of the pandemic, the British team has appealed to its shareholders and has collected hundreds of millions in equity. In addition, a loan of 150 million pounds has been taken by the National Bank of Bahrain. With this money McLaren was able to keep its head above water, but now it seems there is a hitch. The sale of the head office should be completed this month.
McLaren’s UK headquarters are located in Surrey and are also known as the Technology Centre. It is a very interesting building and has a lot of history. Not only is the area connected to legends like Ayrton Senna, Alain Prosto and Lewis Hamilton, but the material history is also in the building. Logically, McLaren does not want to lose its headquarters and that is why there would be a sell and rentplan. TPG then buys the property, while McLaren then leases it. A good solution for a company that is very affected by the crisis and thus can increase its savings significantly. The building would be sold for 180 million pounds, which is equivalent to around 210 million euros.
McLaren has recently faced many challenges and had to cut 1200 jobs, for example. This was all part of the rehabilitation plan, but of course it is also a result of this disaster. The British company also requested a loan of 150 million pounds from the government, but it was rejected. It also sold a minority stake in its racing division and debt financing is expected this year. McLaren and TPG have yet to comment.