McLaren Considers Sale of Global Headquarters to Raise Cash
2020-09-20 - 8:56 p
Bahrain Mirror: Luxury sports-car maker McLaren Automotive is considering a sale of its global headquarters as part of a refinancing strategy the company announced earlier this year.
McLaren Group headquarters is located on 50-hectare in Britain and it is worth £300 million.
The U.K. company has also appointed banks to advise on a debt restructuring and equity raise to buttress its balance sheet, it said in a statement Thursday.
The company has struggled since the coronavirus outbreak. A 300 million-pound ($389 million) equity raise early this year hasn't been enough to face an almost 70% revenue collapse throughout the pandemic.
McLaren sought emergency funds over the summer offering its headquarters and historic car collection as collateral. However, existing creditors opposed the plan in court, eventually forcing McLaren to raise 150 million pounds from National Bank of Bahrain BSC, a lender linked to its largest shareholder Mumtalakat, Bahrain's sovereign wealth fund.