McLaren is going to lay a factory and museum in the bank

McLaren is going to lay a factory and museum in the bank

May 17, 2020 0 By autotimesnews

The British will be able to get a large loan secured by assets

The British manufacturer of supercars McLaren was in a difficult financial situation and was forced to take a huge loan secured by its own property.

According to the BBC, McLaren is planning to mortgage the McLaren Technology Center headquarters building in Woking and its priceless collection of historic race cars in an attempt to raise $ 363 million in loan funds to cover losses. According to insiders, the British decided to do this after the government refused the company financial support, indicating that McLaren allegedly did not take all the necessary measures in order to find financing on its own.

Like most manufacturers, McLaren suffered significant losses due to the coronavirus pandemic – both sales of road cars and revenue from the Formula 1 team fell. At the same time, the British plan to pay off the debt after the resumption of sales and a return to racing. McLaren’s profits in 2019 rose 18 percent to $ 1.7 billion, with 90 percent of supercars being sold overseas.