McLaren has agreed to sell its Applied technology division to a private investment group in an attempt to raise funds for the company’s ongoing operations. This sector of the British supercar manufacturer focuses on electrification, telemetry, analytics and control.
As Autocar reports, the private firm that is stepping in to purchase this arm is London-based Greybull Capital, which has previously acquired several struggling businesses including British Steel, Carillion and Monarch Airlines.
The sale of this division forms part of McLaren’s financial turnaround strategy following an injection of £550 million (approximately R11 billion) from a number of investors including the Saudi Arabian public investment fund last month. Not too long ago, the company also sold its Woking headquarters for £170 million (approximately R3,2 billion) and a minority stake in the McLaren Racing Formula One team for £185 million (approximately R3,7 million) earlier this year.
“We’re delighted to secure the investment which will underpin our strategic intent to pioneer a better future, leveraging our electrification and telemetry, control and analytics capability,” said McLaren Applied CEO Anthony Murray.
“We remain focused and committed to our existing customer and market segments of motorsport, automotive and public transport, and this additional investment will ensure we can provide long-term stability and additional finance to develop market leading innovations for our customers.”
It’s understood that automotive production will now become McLaren’s core profit driver while a focus on electric vehicles will be maintained. The Applied division will still operate with the added benefit of Greybull’s investment. Applied’s current management team will still lead the division and work will continue to take place at McLaren’s Woking headquarters.
The sale is expected to be finalised by the end of August 2021. Financial terms for the Applied deal haven’t been disclosed.
