McLaren is looking to sell its headquarters in Woking with the plan to lease back the facility as a way to help its balance sheet following a difficult 2020.
The British car manufacturer could sell the site for upwards of £200 million ($256.1 million) and has confirmed that it will not move out of the facility nor will the sale have any impact on its day-to-day operations. The iconic facility was opened in 2003 and estate agents Colliers has been hired to look for a buyer.
McLaren recently revealed that its automotive revenues slumped to £143 million ($183 million) in the first half of the year compared with £592 million ($758 million) in 2019. It has also confirmed that it is cutting 1,200 jobs.
“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 spokesman told The Guardian. “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.”
On the back of its falling revenues, McLaren raised £291 million ($373 million) in equity in March and received a £150 million ($192 million) loan from the National Bank of Bahrain in June. It could look at other ways to raise further money, including selling minority stakes in its Formula One team.