In an effort to strengthen its balance sheets against the impact of the ongoing Covid-19 pandemic, McLaren has decided to put its iconic Bruce Wayne Batcave-esque McLaren Technology Centre headquarters in Woking up for sale.
The property has been in the ownership of the McLaren Group since its completion in 2004. However, the firm has instructed property agent Colliers to begin marketing a sale-and-leaseback offer for the headquarters to the tune of around 200 million British Pounds, as reported by Sky News.
The sale will include all three buildings at the headquarters, including the main Stirling Prize-shortlisted McLaren Technology Centre, the McLaren Production Centre where the McLaren road-going cars are built, as well as the McLaren Thought Leadership Centre.
In the event of a sale, McLaren will lose ownership of the prestigious site. However, day-to-day operations will still remain in place as part of the leaseback deal.
“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,” a McLaren spokesperson said statement.
“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 sale of its headquarters is part of a larger cost-cutting plan across the entire McLaren Group due to the impact of the global health pandemic. Earlier this year, the company announced that it is cutting 1,200 jobs – more than a quarter of its entire workforce – across the entire group.
The British firm also recently sought for a loan of up to GBP275 million against its classic cars collection and the Woking HQ, securing a lone of GBP150 million from the National Bank of Bahrain. Recent reports also suggest that the company is looking to sell a minority stake to its illustrious Formula 1 team.
McLaren Group executive chairman Paul Walsh said, “This is undoubtedly a challenging time for our company and particularly our people, but we plan to emerge as an efficient, sustainable business with a clear course for returning to growth.”