McLaren Group secures a £40 million loan

Article by Christian Andrei, 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

Login or Create new account to add a comment!

Recommended

Although specs for the new Renault Megane had already surfaced several weeks ago, we didn’t know that the company has cooked up something new. Aside from the 200hp gasoline, Renault‘s...
by - December 9, 2016
For the first time in fifty-eight years, Infiniti registers its first US-Spec Q60 Coupe in Cuba. American products have not been allowed entry into Cuba for six decades. But it...
by - December 9, 2016
Chevrolet has already given out the pricing for some of its 2018 Equinox models. Not only will the new Equinox be available in both the US and Canada, it is...
by - December 9, 2016
Nearly all details have been set with regards to the upcoming market introduction of the new Jaguar I-Pace. Its production version was recently previewed at the 2016 Los Angeles Auto...
by - December 8, 2016
WM Motor, a new China-based automaker, recently revealed its forthcoming lineup consisting of affordable electric vehicles. While there is a company is the U.S. that has the same name, they...
by - December 8, 2016
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