McLarenhas announced it will be selling its huge Woking site.

However theWoking-basedtechnology company will be staying put and leasing it back instead.

Sky News has reported the site the firm has instructed property agent Colliers to begin marketing a sale-and-leaseback of the McLaren Technology Centre, with offers in excess of £200m expected.

In a statement a company spokesperson said: "The potential sale and leaseback of our global headquarters and the appointment of banks to advise us on a debt restructuring and equity raise are part of the comprehensive refinancing strategy that we announced earlier this year.

"Building on the shorter-term measures that we put in place over the summer, these initiatives will deliver a stronger balance sheet and ensure that McLaren Group has a sustainable platform for long-term growth and investment.

"The proposed sale and leaseback mirrors best practice among leading companies and will have no impact on our day-to-day operations.

"The McLaren Campus, comprising the McLaren Technology Centre, McLaren Production Centre and the McLaren Thought Leadership Centre, is an iconic, world-class facility that will remain our home in the future.”

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Back in May the luxury supercar company said it has started a restructure programme as part of a wider business plan to ensure its long-term future.

Subject to employee consultation, the proposed restructure is expected to result in around 1,200 redundancies across the group's businesses, as well as support and back office functions.

The company is formed of three core businesses - applied, automotive, and racing.

McLaren said it has been "severely affected" by the pandemic, as the cancellation of motorsport events, the suspension of manufacturing and retail activities, as well as reduced demand, have all impacted its revenue.

According to Formula One's website, a cost cap of $175m (approximately £142m) was set to be introduced in 2021, but in light of the pandemic and the subsequent economic squeeze on the sport and teams, the new annual spending cap will be set at $145m (approximately £118m).

迈凯轮集团执行主席保罗•沃尔什aid: "We deeply regret the impact that this restructure will have on all our people, but especially those whose jobs may be affected.

"It is a course of action we have worked hard to avoid, having already undertaken dramatic cost-saving measures across all areas of the business. But we now have no other choice but to reduce the size of our workforce.

"This is undoubtedly a challenging time for our company, and particularly our people, but we plan to emerge as an efficient, sustainable business with a clear course for returning to growth."