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McLaren looking to raise £275m by mortgaging classic cars and factory
The McLaren Group is reportedly looking to raise up to £275 million by mortgaging its classic car collection and impressive Surrey factory complex. The Formula 1 team and sportscar manufacturer has seen its income drop significantly during the coronavirus pandemic, with the F1 season a non-starter and sales of its cars plummeting. A request for a government-backed loan of £150m was reportedly rejected and therefore the business is having to seek alternative ways of raising capital in order for it to survive the pandemic. ADVERTISEMENT According to Sky News, McLaren and its financial advisers, namely JP Morgan, are looking at plans to borrow money against its factory in Woking, which is...
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3y ago from MotorsportWeek.com
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