Is McLaren about to file for insolvency???
Discussion
I have been undertaking some research on the 570S and I stumbled across some rather disturbing financials on McLaren. It would appear that by the 17th July they need to raise 275 million to avoid insolvency. They have been granted fast track court proceedings to try and release security on assets previously granted on earlier loans. It would appear that they wish to sell their premises and lease them back from the purchaser, and mortgage their heritage cars, aside of other fund raising ventures.
Their Q1 sales seem to have collapsed even before the lockdown, selling circa 300 units as opposed to circa 1,000 units in Q1 of 2019. They appear to have had a 300 million bailout in March from investors which has already been spent. I imagine that insolvency would have a dramatic effect on the desirability and the values of McLaren’s, if only for the concerns as to the supply of dedicated spare parts in the future.
Their Q1 sales seem to have collapsed even before the lockdown, selling circa 300 units as opposed to circa 1,000 units in Q1 of 2019. They appear to have had a 300 million bailout in March from investors which has already been spent. I imagine that insolvency would have a dramatic effect on the desirability and the values of McLaren’s, if only for the concerns as to the supply of dedicated spare parts in the future.
Maintaining cars without access to parts such as an ECU and or anything completely proprietary, (which I understand is virtually everything) is not going to be easy. Aside of that lets hope the name of McLaren, its cars, and racing heritage can survive. I will sit on the fence and see what happens over the next couple of weeks.
I agree with all that you say, brakes, gearboxes steering components etc. will not be likley problems, but I am talking about things like the CPU, and electronics and other items which are undoubtedly totally proprietary.
Anyway if they are going down the road supported by their Arab owners hopefully none of this will be relevant.
Anyway if they are going down the road supported by their Arab owners hopefully none of this will be relevant.
Gassing Station | McLaren | Top of Page | What's New | My Stuff