British manufacturer McLaren Automotive has landed a £120m loan to fuel its expansion, as it is poised to push the button on its Batmobile-esque P1 GTR supercar.
The manufacturer revealed that 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 car-maker, which counts the Singaporean billionaire Peter Lim as a significant investor, was spun out of the McLaren Group, famous for its Formula One team. Last year the group reported record results.
Its sales accelerated 21 per cent as 1,648 vehicles were delivered, including 248 of its £1m P1 model.
The P1 GTR, described as “like something from a Batman movie” by Top Gear magazine, will enter production this year; and in the spring it will introduce a new Sports Series, priced at around £150,000.
It is understood that McLaren aims to produce 4,000 cars annually by 2016 and the new funding will help it hit to 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 £172m of debt was swapped for equity, according to its latest accounts.
McLaren made a £4.5m pre-tax profit on revenues of £285.4m, which were up by £18.8m in 2013.
Asia-Pacific was the company’s largest growth region last year, when sales increased 80 per cent, fuelled by the opening of 11 dealerships; North America is its biggest market, making up 30 per cent of its revenues.