British manufacturer McLaren Automotive has landed a £120 million loan to fuel its expansion as it is poised to push the button on its Batman-esque P1 GTR supercar.
The manufacturer revealed a syndicate of banks, led by the Royal Bank of Scotland, has agreed the loan which will allow the group to expand the top and bottom of its range.
The carmaker, which counts Singaporean billionaire Peter Lim as an investor, was spun out of the McLaren Group famed for its Formula One team in 2010 and last year it reported record results.
Its sales accelerated 21% as 1648 vehicles were delivered, including 248 of its £1 million P1 model.
The P1 GTR, described as “like something from a Batman movie” by Top Gear magazine, will enter production this year while in spring it will introduce a new Sports Series, priced around £150,000.
It is understood that McLaren aims to produce 4000 cars annually by 2016 and the new funding will help it hit that goal.
The loan is secured on all of McLaren’s intellectual property, equipment and real estate including its factory in Surrey.
The factory was designed by Sir Norman Foster and was opened in November 2011 by Prime minister David Cameron.
The loan will increase McLaren’s gearing, which had been sharply reduced in 2013 when £172 million of debt was swapped for equity, according to its latest accounts.
McLaren made a £4.5 million pre-tax profit on revenues of £285.4 million, which were up by £18.8 million in 2013.
Asia-Pacific was the company’s largest growth region last year as sales increased 80%, fuelled by the opening of 11 dealerships while North America is its biggest market, making up 30% of its revenues.
Source: London Evening Standard