McLaren plans to sell then lease back Woking HQ after sales slump

Thu 10 Sep 2020 18.03 BST

Last modified on Thu 10 Sep 2020 19.46 BST. The supercar and Formula One racing group McLaren is planning to sell and lease back its Norman Foster-designed headquarters in Surrey as it seeks to shore up its balance sheet after the coronavirus pandemic triggered a slump in sales. A sale could potentially free up more than £200m for the carmaker, which has already tapped investors repeatedly for cash since the crisis put the brakes on its sales and revenues. McLaren does not intend to move out of the lakeside headquarters near Woking, and a spokesman said the arrangement would not have any effect on day-to-day operations. McLaren valued its property holdings at just over £200m in its latest accounts.

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