McLaren puts Woking headquarters up for sale Formula 1

McLaren puts Woking headquarters up for sale

By Tomas Mota 10 September 2020 | 14:31

One of the world's most recognised motorsport headquarters will be for sale, Sky News reports. The McLaren Formula 1 team is said to have put the current facilities on the market for 200 million British pounds (£). The supercar manufacturer hopes to speed up plans to strengthen the balance.

"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", said a McLaren spokesperson.

The company's initiatives will need to build on the short-term measures it had already taken. "These initiatives will deliver a stronger balance sheet and ensure that McLaren Group has a sustainable platform for long-term growth and investment."

Millions in losses for McLaren

Last month, the company announced a loss for the first half of the year amounting to £ 184 million, with uncertainty surrounding the COVID-19 virus overshadowing for the rest of the year.

McLaren is one of the most historic names in Formula 1, having won eight constructors' championships for more than half a century. Mika Hakkinen, Lewis Hamilton , Alain Prost and Ayrton Senna, among others, have raced for the British team. McLaren is currently third in the Constructors standings. (Photo: McLaren F1 Media)



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