McLaren raises 640 million, especially from Saudi Arabia
McLaren continues to recover from the crisis, thanks to investment from Saudi Arabia in particular.
McLaren has been hit hard by the Covid crisis. In 2020, the supercar manufacturer had to cut 1,200 jobs (be more than a quarter of its employees), and came close to bankruptcy. The losses have accumulated, the debts too. Fortunately, theBahrain State, one of McLaren’s shareholders, then came to his rescue with an injection of just over 150 million euros. Then the builder had to sell its historic headquarters in Woking, the McLaren Technology Center, which it now rents.
Towards an end to the crisis for McLaren
To consolidate its future, McLaren has just completed a new fundraising. In all, these are 550 million pounds (around 640 million euros) which have been invested in the brand. The majority of this funding (400 million pounds) comes from an alliance between a american background, Ares Management, and the sovereign fund ofSaudi Arabia, which thus enters the capital of McLaren. The remaining 150 million pounds come from smaller shareholders, new and existing.
In short, good news for the long term future McLaren, which is beginning to recover from the health crisis. Sales have increased by 69% compared to the first quarter of 2020, and net losses were limited to around 55 million euros, against almost 130 million in 2020.
Source: Auto Actu
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