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McLaren to pursue sale and leaseback of MTC despite new investment

McLaren to pursue sale and leaseback of MTC despite new investment

F1 News

McLaren to pursue sale and leaseback of MTC despite new investment

McLaren to pursue sale and leaseback of MTC despite new investment

McLaren Group executive chairman Paul Walsh has confirmed the company intends to continue with plans to sell the McLaren Technology Centre despite recent investment from MSP Sports Capital.

McLaren announced a £185million injection from MSP for an initial 15 per cent of its Racing division in early December but, despite this cash boost, Walsh maintains the iconic MTC remains on the market for the company to then lease it back.

The move will again raise additional capital for the McLaren Group.

“In my prior business endeavours I have operated in some very nice office facilities around the world and have never owned any of them," said Walsh.

"We intend to remain in Woking in that fabulous facility but a sale and leaseback is just a more efficient piece of capital and therefore it makes perfect sense to do that."

McLaren was hit badly by the global shutdown at the start of the Covid-19 pandemic. In May, the Group was forced to search for additional financing and made 1200 staff redundant, around 30 per cent of its total workforce.

While Walsh has made clear the sale of the MTC would not solve the Group's overall debt problems, it would allow it to more comfortably manage the issue.

"We will be pursuing equity," added Walsh. "We will have to refinance our debt.

"People who know me know that I don’t like a lot of debt, so if we can get a very efficient piece of capital put in place through the sale and leaseback, a long-term commitment to stay there, why wouldn’t you do that?

“So that still remains our plan.”

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