McLaren has secured a £150 million (AU$270 million) loan this week, easing the British supercar maker’s financial pressures after months of uncertainty about its future.
As reported by news agency Reuters, McLaren was able to secure the funding in a loan from the National Bank of Bahrain. The report notes Mumtalakat Holding Co. – a majority shareholder in McLaren – is a Bahrain-owned sovereign wealth fund.
The loan will be used across the McLaren Group, which includes the brand’s Formula One team and supercar manufacturing departments, according to the report.
Approval for the loan follows a rocky few months for the car maker, triggered by the global car industry downturn as a result of the COVID-19 pandemic.
Towards the end of May, reports emerged that McLaren was looking to mortgage its headquarters and historic car collection to see it through the pandemic after being rejected for a loan from the English government.
The following week, McLaren confirmed it had made 1200 redundancies across its departments to stay afloat.
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