McLaren Group receives £40 million loan to fund new factory for MP4-12C

The Independent reports that McLaren Group has secured a loan of an amount greater than £40 million to fund their project of constructing a new factory.

HSBC has approved the loan required for building the site where the MP4-12C is being planned to be manufactured. This is the first time that McLaren has drawn a loan of amounts greater than £1 million and that since 2005. Owner of the factory would be McLaren Group who would be leasing the factory to the McLaren Automotive which is the road car arm of the business conglomerate. It would generate employability for 300 people.

This loan is being coined the phrase of “provide head room on its facilities” by McLaren. They would be utilizing this loan amount to buy back the shares from Daimler which they hope to complete by end of 2011. After having decided to make its own Formula One team , Daimler have decided to sell its shares back to McLaren rather than providing them with full works support.

Forty eight percent of the company shares would be open to private investors while Ron Dennis, the Bahraini Mumtalakat sovereign wealth fund and the Swiss TAG group would retain the balance shares between them. The production of MP4-12C would however commence at McLarens existing factory by the end of this year. It would shift to the new site once the new site has been completed.

Source: 4wheelsnews