McLaren has listed their famed Woking headquarters for sale in a bid to better its financial situation after being heavily impacted by the Coronavirus pandemic.
The group has instructed the property agent’s Colliers to market the Woking site in a £200m sale-and-leaseback deal which would allow McLaren to maintain it’s residence.yup,
The team has worked out of their Woking HQ since it’s construction in 2004. The sale will include three buildings on the premises: The McLaren Technology Centre, the McLaren Production Centre (home to the production car side of the business) and the McLaren Thought Leadership Centre.
Should a buyer be found, McLaren would no longer own the site but, as part of the deal, would continue to operate out of the facilities in a multi-year lease.
A final price is yet to be confirmed but a spokesperson has said the group are expecting offers “in excess of £200m”:
“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,
“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.”
Not only would the sale bring in a big cash injection for the team, but it would also maintain the stability of jobs. In May, McLaren axed 1200 jobs after being hit hard by COVID-19s wake.
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,”
“McLaren Applied has also already refocused to strategically prioritise proven, high-growth revenue streams.”