McLAREN Holdings Ltd has recently sold some of its prized heritage car collection to Bahrain’s sovereign wealth fund Mumtalakat to raise capital, Bloomberg reports.
The super-car maker was forced to seek an injection of funds after identifying ‘certain technical upgrades’ on its Artura hybrid supercar that triggered delivery delays, McLaren said earlier this week during its third-quarter earnings announcement.
The famous British marque’s main shareholder – with Mumtalakat owning a near 60 per cent stake – agreed to support the company with an additional £100 million (around BD47m), the company said.
A McLaren spokesman confirmed the sale of some heritage vehicles to the company’s main shareholder in return for the cash infusion, without elaborating on the details of the cars sold.
Whilst many cars lose value immediately after they are driven out of the showroom, classic cars gain in value over time, due to rarity, performance, or special attributes.
McLaren’s heritage vehicles count 54 rare Formula 1 racing cars and F1 supercars, according to its 2021 annual report. The same report states that the company sells cars from its collection from time-to-time.
“We are in active talks with all shareholders regarding a recapitalisation of the group,” McLaren said. It’s also continuing talks for potential partnerships.
McLaren reported a loss of £203m in the nine months through September, compared with a £69m loss a year ago. Liquidity at the end of the third quarter declined to £87m, down from £171m.
The latest round of fundraising comes just months after its shareholders – which also include investment firm Ares Management Corporation and Saudi Arabia’s Public Investment Fund – gave £125m through convertible preference shares.
When contacted by the GDN, Mumtalakat decided not to comment.
There has been huge interest in the new McLaren Artura. McLaren Automotive recently announced the start of regional deliveries of the vehicle and a series of test drives were successfully staged in Bahrain.
All new from the ground-up, and built on brand-new vehicle architecture, the BD107,225 next-generation high-performance hybrid supercar is aimed at driving future growth for the company and is expected to contribute to circa 50 per cent of the brand’s regional sales in 2023.
“The Artura has been very well received by customers and enthusiasts in the Middle East and Africa region, and we were excited for them to experience the breath-taking performance and dynamic excellence embodied in this beautiful supercar,” Mohamed Fawzi, market director – Middle East and Africa, McLaren Automotive, told the GDN earlier.