2020 has been a tough year for practically all kinds of manufacturers and teams that have been forced to tighten their belts due to the consequences of the stoppage caused by the COVID-19 pandemic.
That includes McLaren which, despite going through a pretty sweet moment on the tracks with two podium finishes already this Formula 1 season, already announced last May a major readjustment of its squad that included the layoff of 1,200 employees. In addition, to guarantee the activity of the company, McLaren also received a capital injection of 300 million pounds from its shareholders and even put some of the jewels from its collection of historic cars up for sale.
Now, with the worst of the past storm but still with the objective of obtaining liquidity, McLaren has put something else up for sale, its jewel in the crown: nothing more and nothing less than its own headquarters, the McLaren Technology Center.
Goal: get 200 million pounds
The impressive and futuristic Surrey facility, designed by Norman Foster and built and opened during Ron Dennis's tenure at the helm of the company, has come on the market and with it McLaren expects to raise £200 million, about £216 million. euros to change. However, McLaren's idea is not exactly to abandon what has been his home for a decade and a half to find a much more humble home, but rather to sell it to continue operating there by paying rent.
"It will remain our home in the future"
This practice, as a spokesperson for the British company explained to Sky News, is quite common among large companies and will not affect McLaren's day-to-day activities. "The possible sale and leaseback of our global headquarters and the appointment of banks to advise us on a debt restructuring and capital increase are part of the comprehensive refinancing strategy that we announced this year," a company spokesperson explains. "These initiatives will generate a stronger balance sheet and ensure that the McLaren Group has a sustainable platform for growth and investment in the long term," he insists, stating that this will continue to be his home in the future.
The coronavirus pandemic, which has already caused a drastic drop in sports car sales forecasts for this year, has coincided with McLaren's plans to modernize its facilities before Formula 1's budget cap hits. plan that includes the construction of a new wind tunnel already underway and also a state-of-the-art simulator. Two weak points that the team had been dragging for years and with which it hopes to get closer to the top teams in the coming years.
With this sale, McLaren expects to obtain sufficient liquidity to complete these investments and face the start of the new era that opens from 2022 in F1 on the right foot, already with the budget limit.
