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Luxury sports car manufacturer McLaren has announced the sale of one third of its McLaren Racing team to investor MSP Sports Capital for £185 million (202 million). Although the group has gone through a complicated period due to the pandemic, it is nevertheless regaining confidence in itself.
A few months earlier, the British manufacturer had announced that it was cutting a quarter of its workforce in Woking (head office), or 1,200 jobs, due to the impact of the coronavirus crisis on its activities.
Indeed, the manufacturer, mainly known for its F1 team, has suffered heavy consequences due to the total stop of sporting events. This Sunday the group has thus made official the sale of a minority share of its stable in order to allow the entry of a new investor.
Motor sport has indeed not been ignored by the virus, and between positive and negative changes, McLaren Racing is particularly aware of the economic changes that F1 has had to undertake. The expenditure ceiling initially set at 175 million dollars had been lowered to 145 million dollars for 2020, 140 million dollars for 2022 and 135 million dollars for 2023-2025. As a result, McLaren was forced to cut 70 of the 800 posts in this category.
However, the group is no longer as pessimistic as it was during the first wave of the pandemic, and the group is talking about a gradual recovery in demand. The quarterly figures show a more reassuring future for the group and it does not hide it. The quarterly results published in November thus show a 60% increase compared to the previous quarter. Although they also show a 61% decrease compared to the same period last year, the McLaren Group is optimistic.
“What we have now done is basically put a stop to motor racing. This means that the McLaren Group does not have to worry about the cash requirements for the next two or three years. That’s essentially what this transaction does for us,” said Paul Walsh, President of McLaren.
The strategy put in place to deal with the pandemic is starting to show results. McLaren Racing’s recent minority position in the company doesn’t seem to affect the company as much as one might have thought. Moreover, according to its president, McLaren Automotive represents the majority of revenues and this strategy could become permanent in the future.
Due to the health crisis, the automobile industry has been shaken up and has seen its revenues fall despite the aid provided by the state. And if McLaren has managed to position itself over the coming months, this is not the case for all its competitors. A month ago, Bmw expressed its concern about the impact of the crisis on its business, despite a 10% increase in quarterly profits. On the other hand, Mercedes, on the other hand, was much calmer two months ago, estimating its operating profit at the same level as the previous year.
Read also > LUXURY AUTOMOBILE : FERRARI ACCELERATES IN THE THIRD QUARTER
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Luxury sports car manufacturer McLaren has announced the sale of one third of its McLaren Racing team to investor MSP Sports Capital for £185 million (202 million). Although the group has gone through a complicated period due to the pandemic, it is nevertheless regaining confidence in itself.
A few months earlier, the British manufacturer had announced that it was cutting a quarter of its workforce in Woking (head office), or 1,200 jobs, due to the impact of the coronavirus crisis on its activities.
Indeed, the manufacturer, mainly known for its F1 team, has suffered heavy consequences due to the total stop of sporting events. This Sunday the group has thus made official the sale of a minority share of its stable in order to allow the entry of a new investor.
Motor sport has indeed not been ignored by the virus, and between positive and negative changes, McLaren Racing is particularly aware of the economic changes that F1 has had to undertake. The expenditure ceiling initially set at 175 million dollars had been lowered to 145 million dollars for 2020, 140 million dollars for 2022 and 135 million dollars for 2023-2025. As a result, McLaren was forced to cut 70 of the 800 posts in this category.
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Luxury sports car manufacturer McLaren has announced the sale of one third of its McLaren Racing team to investor MSP Sports Capital for £185 million (202 million). Although the group has gone through a complicated period due to the pandemic, it is nevertheless regaining confidence in itself.
A few months earlier, the British manufacturer had announced that it was cutting a quarter of its workforce in Woking (head office), or 1,200 jobs, due to the impact of the coronavirus crisis on its activities.
Indeed, the manufacturer, mainly known for its F1 team, has suffered heavy consequences due to the total stop of sporting events. This Sunday the group has thus made official the sale of a minority share of its stable in order to allow the entry of a new investor.
Motor sport has indeed not been ignored by the virus, and between positive and negative changes, McLaren Racing is particularly aware of the economic changes that F1 has had to undertake. The expenditure ceiling initially set at 175 million dollars had been lowered to 145 million dollars for 2020, 140 million dollars for 2022 and 135 million dollars for 2023-2025. As a result, McLaren was forced to cut 70 of the 800 posts in this category.
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