McLaren Group secures a £40 million loan

Article by Christian A., on August 29, 2010

To help fund the construction of a new factory, McLaren Group has secured a loan of more than £40 million, according to a report from The Independent.

This factory, which will be where the new MP4-12C will be built, will be funded by the loan from HSBC - the first time that McLaren has signed up for a debt of more than £1 million since 2005.

McLaren Group will be the owner of the factory in Woking and will be leasing it back to McLaren Automotive, the road car side of the business.

The factory will employ 300 people. In an interview, McLaren said that this loan will provide head room on its facilities to help out in the buyback of the remaining Daimler shares by the end of 2011.

Daimler is selling its shares in McLaren back after it decided to have its own Formula One team, rather than providing full works support to McLaren.

McLaren aims to sell 48% of McLaren Automotive to private investors, with the rest of the company retained between Ron Dennis, the Bahraini Mumtalakat sovereign wealth fund and the Swiss TAG group.

Later this year, initial production of the MP4-12C will start at McLaren's current factory before moving to the new site in the spring.

Topics: mclaren, investment

If you liked the article, share on:

Comments

Recommended

Are you a big fan of legendary boxer Mike Tyson, the former heavyweight world champion? Or are you a big fan of the iconic Ferrari F50? Either way, you will...
by - February 24, 2017
It seems that AM-RB 001 hypercar is not the only vehicle project that Aston Martin and Red Bull Racing has gone into. This time, don’t expect something as outlandish as...
by - February 24, 2017
The year 2018 marks the golden anniversary of Subaru of America. Of course, the company will celebrate 50 years of being at the helm of the brand’s crusade in North...
by - February 24, 2017
During car crashes and accidents, there are times that its occupants can’t get out easily. There are times when the only way to get out of that situation is to...
by - February 23, 2017
Could this be a special version of Ferrari’s much acclaimed LaFerrari? No matter how we look at it, the patent images for this sports car from Ferrari indicate its striking...
by - February 23, 2017
Facebook

Youtube Channel

Tip Us
Do you have a tip for us?
Did you film an important event?
Contact us
Newsletter
Subscribe to our newsletter!
Subscribe
Galleries