McLaren eyes £275m remortgaging deal to secure future post-coronavirus

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The McLaren Group has announced that it is currently in talks to raise up to £275m by mortgaging its Surrey HQ.

McLaren’s advisers, JP Morgan, are reportedly working on a plan to secure the future of the business during the coronavirus pandemic.

The supercar manufacturer is hoping to raise the funds by borrowing against the value of its headquarters.

As well as the HQ, some McLaren-owned cars will be put up as collateral – and some are reportedly valued at tens of millions of pounds each. The total value of the cars at the HQ could exceed more than £300m.

The company’s Woking HQ for its F1 team is also estimated to be worth more than £200m.

McLaren has also recently contacted the Department for Business, Energy and Industrial Strategy (BEIS) with a funding request after seeing sales disappear due to the crisis. Talks are reportedly still ongoing.

Paul Buddin, McLaren’s CFO commented: “We are looking at a number of very credible sources, and that includes all [those we] might be expected to ask, including government, including third parties.”

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