McLaren boost UK manufacturing industry

McLaren Automotive has announced that it has raised £260m of new business finance to help fund a sports car manufacturing business.

The group, perhaps most well-known for its Formula One racing team, has secured finance from banking giants Credit Suisse and HSBC, whilst attracting a number of lucrative private investors.

The newest British car company is offering a 48 per cent stake in the organisation to new investors, valuing this portion at £500m according to The Telegraph. Meanwhile, the other 52 per cent will be comprised of watch company Tag Group, the Bahrain sovereign group and Ron Dennis - former F1 team principle and current executive chairman of McLaren Automotive.

The first car out of the McLaren Automotive garage will be the MP4-12C which made its glittering debut this month at the Goodwood Festival of Speed. The 3.8 litre twin turbo V8 will be available to buyers who are considering 'I need to sell my Lamborghini' or other supercar, in Spring 2011, priced at around £150,000.

City AM report that already, a year's worth of the model has been sold, reflecting the brand power McLaren has. With the hope of more production cars in the near future, McLaren is certainly bolstering the fortunes of the UK high-tech manufacturing industry, with a reported 3,000 jobs to be created by expansion plans, according to The Telegraph.

 

Trang Nguyen , London, Smart City

Wendy Goh, London, BMw 325D M Sport