£40m loan for McLaren factory

McLaren Group has secured a loan of more than £40 million to help fund construction of its new factory, where its new MP4-12C will be built.

The Independent says the loan from HSBC is the first time McLaren has taken on debt of more than £1m since 2005. McLaren Group will own the factory in Woking and then lease it back to McLaren Automotive, the road car side of the business. A total of 300 people will be employed at the factory.

McLaren told the newspaper that the loan would also “provide head room on its facilities to assist in the buyback of the remaining Daimler shares by the end of 2011".