Sometimes you gotta do what you gotta do.
Just as McLaren managed to rescue itself from potential financial disaster another tough decision has reportedly been made. The McLaren Group has agreed to sell its Applied Technology division to private investment group Greybull Capital, which is based in London. Per Autocar, the deal has just been finalized but specific details are not yet available.
McLaren's reason for doing so was to free up time and money in order to place a greater focus on its supercar and motorsports divisions. The UK company's previous financial turnaround deals included the $237 million sale of its 840,000-square-foot Woking, UK headquarters to a New York-based investment firm.
McLaren isn't being forced to abandon the facility as the deal requires the new owners to lease it back to McLaren for 20 years.It's vital for McLaren to remain there as it includes the production center where road cars such as the McLaren Artura and the just-revealed 765LT Spider are assembled. With the Applied division now in new hands, there's even greater pressure for McLaren's road car division to make money.
"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."
Chances are the McLaren Group and its former division will retain a close relationship with each other on a range of issues and technologies for both road cars and motorsport. Applied's management will remain in their current positions and continue to operate from the Woking headquarters. Assuming all goes to plan, the sale will be fully completed by the end of this month.