McLaren in talks to raise £500m in deal that could see it go public

McLaren is in talks to raise £500million in a deal that could see the supercar maker finally go public.

The group which has been hit hard by the pandemic is in discussions with several groups to secure new cash.

One of the options available could be to float on the stock market via a special purpose acquisition company – essentially a shell company that McLaren could reverse into without having to jump through the normal hoops required for a listing.

Cash call: Supercar maker McLaren, which has been hit hard by the pandemic is in discussions with several groups to secure new cash. Pictured: The £280,000 McLaren 765LT

McLaren automotive chief executive Mike Flewitt said the company would need to undergo a radical shake-up as a result of the pandemic.

He said: ‘We went into this year having two very successful years in automotive, but the total business did not have the liquidity to survive this kind of crisis.’

He said one of the parties McLaren is in talks with is a special purpose acquisition company based in the US, where their use has ballooned over the last couple of years.

The firm still went ahead with the launch of a new car this summer, the £280,000 McLaren 765LT.