McLaren HQ set to be sold by end of this year

WOKING-based supercar manufacturer McLaren Group is looking to have the sale of its stunning Surrey headquarters completed by the end of the year.

McLaren has instructed property agent Colliers to market a sale and leaseback of the site in a deal projected to raise at least £200 million.

McLaren is hoping to raise £200 million through the sale of its 84 acre Surrey headquarters

Once the site has been sold, McLaren would then lease back the property from the buyer.

The move is part of a wider strategy to strengthen the company’s finances, which have been hit hard by the coronavirus pandemic.

Commenting on the potential sale and leaseback of McLaren’s global headquarters, a McLaren Group spokesman said that this, and the appointment of banks to advise on a debt refinancing and equity raise were part of the comprehensive refinancing strategy announced earlier this year.

“Building on the shorter-term measures that we put in place over the summer, these initiatives will deliver a stronger balance sheet and ensure that McLaren Group has a sustainable platform for long-term growth and investment,” the spokesman said.

“The proposed sale and leaseback mirrors best practice among leading companies and will have no impact on our day-to-day operations. The McLaren campus, comprising the McLaren Technology Centre, McLaren Production Centre and the McLaren Thought Leadership Centre, is an iconic, world-class facility that will remain our home in the future.”

According to the Colliers website: “The McLaren campus [is] … set sensitively in 84 acres of landscaped grounds on the fringes of Horsell Common.

“This is a rare opportunity to acquire a high-profile asset in a core M25 location with long-term occupancy of 20 years. Such an iconic campus will undoubtedly be an attractive opportunity for global investors.”

This year McLaren cut 1,200 jobs, more than a quarter of its workforce, across its operations as part of a restructuring.

Woking Borough Council declined to comment on suggestions it had been in discussions with McLaren about the site.

Ray Morgan, the council chief executive, said: “McLaren is an important business for Woking. The council, as part of the development of Victoria Square, has made a proposal to McLaren for a McLaren Experience within the new development.”

For more on this story, get the 17 September edition of the News & Mail

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