British car manufacturer McLaren has turned to investors in search of £300m, with two-thirds of the funds to be used to overhaul the company’s shareholder structure.
The Woking-based firm will allot £100m of the fundraising to its prospering technology division. The remaining £200m will be handed back to the McLaren Technology’s existing investors, chief executive Ron Dennis told the Daily Telegraph. The fundraising is expected to value the company – excluding its supercar division – at £550m.
Formula One veteran Dennis, however, insisted he would not be selling any of his 25 per cent stake. Mansour Ojjeh, head of luxury goods firm Tag, holds another 25 per cent stake in McLaren, with the Bahrain sovereign wealth fund owning the remaining 50 per cent.
Dennis, a former Formula One mechanic, added that McLaren would likely be in a position to list on the stock in “three to five years”.