McLaren has reportedly struck a deal to sell off its
According to
It comes just weeks after Saudi Arabia’s sovereign wealth fund took a hefty stake in the Woking-headquartered firm, which has taken drastic steps to recapitalise in the aftermath of the coronavirus pandemic.
The
Roughly 250 people are employed by the division, which operates out of McLaren’s iconic HQ on the outskirts of Woking.
Investment firm Greybull has established a reputation over the last decade or so of buying out distressed companies.
Recent deals include swoops for airline Monarch, which collapsed in 2017, and British Steel, which also went bankrupt in 2019.
Selling the
Sales at the auto firm fell 60 per cent last year, with the company making a £312m loss as a result. It was also forced to lay off a quarter of its staff last summer.
In addition to the Saudi-led equity raise, McLaren has already gained £300m from a prior raise last March, and scooped £180m from the sale and leaseback of its
It also raised £185m from the sale of a separate stake in
City A.M. has contacted McLaren for comment.
The post McLaren 'to sell off
© City AM, source