British supercar brand and Formula 1 team McLaren is reportedly selling and leasing back its global headquarter in Woking, Surrey. According to The Guardian, the carmaker is seeking to “shore up its balance sheet” after the slump in sales because of the COVID-19 pandemic.
McLaren’s headquarters is comprised of the McLaren Technology Center, McLaren Production Center, and McLaren Thought Leadership Centers set on 84 hectares of landscaped grounds. The facility was designed by Norman Foster who also designed Apple Park.
Like other car manufacturers during the pandemic, McLaren was forced to pause production after the lockdown begun as well as put on hold racing with motorsport events canceled. The group even announced that it was cutting 1,200 jobs across the McLaren last March.
“The potential sale and leaseback of our global headquarters and the appointment of banks to advise us on a debt refinancing and equity raise are part of the comprehensive refinancing strategy that we announced earlier this year,” said a spokesperson for McLaren Group. “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 spokesperson also stated that the proposed sale and leaseback of the headquarters will have no impact on the McLaren group's day-to-day operations and that the facility will remain as its home in the future.