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22 May 1:50pm

McLaren pledges luxury cars as collateral in bid to secure £250m

The Guardian
F1 firm’s revenues slump but government refuses emergency £150m loan When the government called for British industry to help build life-saving ventilators as the scale of the coronavirus crisis became clear, McLaren was one of the first to step forward. As part of the VentilatorChallengeUK consortium alongside Airbus and Rolls-Royce, by mid-April the Formula One firm was making components for the life-saving machines and building the trolleys used to transport them. This week it has emerged that the high-tech business is involved in a different sort of emergency – attempting to shore up its own finances – and is trying to pledge its collection of hugely valuable cars and its state-of-the-art Norman Foster-designed HQ in Woking, Surrey, as collateral to get the finance it needs.
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