McLaren boss Mike Flewitt: When we need it, we'd rather float than ask private investors for money

 
Oliver Gill
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Grand Prix of Monaco
McLaren supercar operations are a spin off from the 1963 Formula One team (Source: Getty)

McLaren is setting its sights on a stock market float within the next five years, its chief executive has revealed.

The supercar maker has proved its mettle by generating four consecutive years of profits, with operations throwing off sufficient cash to fund new-term new projects, boss Mike Flewitt told the Sunday Times.

However, Flewitt said when it did need new capital, the firm would be inclined to explore a listing rather than raise cash from private parties.

Read more: McLaren F1 boss: Honda's "lost" and it's decision time

“The more successful we become the more attractive we become to people who want to invest,” he said.

I still think a public float of this business in three to five years is a better route.

Seven years after launching its supercar division in earnest, McLaren aims to produce 4,500 cars annually by the end of next year. This compares with rival Ferrari, which is hoping to have 9,000 cars roll off its ramps each year by the end of 2018. Ferrari completed a $10bn (£7.9bn) listing on the New York Stock Exchange in 2015.

Brexit

Flewitt also said a Brexit deal that restricted immigration could cause McLaren a headache. Around 15 per cent of the carmaker’s 2,000-strong workforce are from Europe.

He said: “I’d love to see those skilled people being able to move backwards and forwards.”

Read more: McLaren's new supercar chassis facility is coming to the UK

Meanwhile, a hard Brexit that included managing trade tariffs could also be a challenge for McLaren. He said it would be “insane” to expect manufacturers like McLaren to absorb such costs in order to be sell cars into Europe.

In a scenario where tariffs existed, he said: “We would probably prioritise some of our sales outside Europe.”

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