Bahrain considers sale of majority stake in Mclaren after £1.5bn cash injection

THE Bahraini owners of Mclaren have hired bankers to find a buyer for their stake in the British carmaker after investors were forced to pump it with £1.5bn in funding to prop it up in the wake of the pandemic.

Mumtalakat, Bahrain’s sovereign wealth fund with a 50pc holding in Mclaren Group, is said to have drafted in advisers at JP Morgan following an order from King Hamad bin Isa Al Khalifa to stem losses.

It follows repeated cash calls on investors from the company, known for its supercars, The Sunday Times reported. Mumtalakat has owned a major stake in Mclaren since 2007. It was forced to help fund a £300m emergency cash infusion to the carmaker in 2020 as its finances were devastated by the Covid pandemic.

Another £1bn was then raised the following year through measures including a sale-and-leaseback of its headquarters in Woking, the part-sale of the company’s heritage car collection and a fundraising involving Saudi Arabia’s sovereign wealth fund.

The Saudis were then bought out by Mumtalakat two years later, cementing the fund’s hold over the company. How- ever, the Bahrainis are now said to be losing patience and want to exit the business gradually.

Mumtalakat is said to have instructed JP Morgan to approach potential Chinese buyers, which have already swooped on rival luxury brands such as Lotus.

A spokesman for Mclaren yesterday said: “We are open to partnership discussions and maintain regular dialogue with potential strategic technology partners and suppliers.

“However, we will not discuss the specifics of any such discussions.”