lack of cash McLaren Holdings Ltd. recently sold some of his precious antique car collection to the state investment fund Mumtalakat Holding Co. of Bahrain to raise capital.
The supercar The manufacturer was forced to seek funding after identifying “certain technical upgrades” on its product. art hybrid supercars have caused delivery delays, McLaren said earlier this week in its third-quarter earnings. Its main shareholder – with Mumtalakat owning almost 60% of the shares – has agreed to back the company by an additional £100 million ($123 million), the company said.
A McLaren spokesman confirmed the sale of some of the heritage vehicles to the company’s main shareholder in exchange for a cash infusion, without explaining the details of the cars sold.
McLaren heritage cars count 54 rare and Formula 1 racing cars F1 supercar, according to its 2021 annual report. The same report states that the company car sales from its collection over time.
“We are in active negotiations with all shareholders regarding the recapitalization of the group,” McLaren said on the call, suggesting the additional amount would not be enough. It is also continuing to negotiate for potential partnerships.
McLaren reported a loss of £203m in the nine months to September, compared with a loss of £69m a year ago. Liquidity at the end of the third quarter fell to £87m, down from £171m.
The British brand has repeatedly sought emergency funding over the past few years from shareholders amid a lengthy delay in the launch of Artura. The latest round of fundraising comes just months after its shareholders – including investment firm Ares Management Corporation and Saudi Arabia’s Public Investment Fund – raised £125 million through preferred shares. conversion offer.
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