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Mystery investigation could put brake on McLaren’s profits

McLaren Group, the business behind the super car manufacturer and Formula 1 racing team, has been drawn into a mystery Government investigation that could damage its finances.
Buried in the McLaren Group’s annual accounts, the business said it had been approached by unnamed “UK government authorities in connection with an ongoing investigation”.
Investigators are seeking “information concerning certain third-party companies and concerning executive and other persons who have been, or are currently, associated with the group”, the documents said.
The company is understood to have been aware of the inquiry for at least a year, but this is the first time details have emerged. McLaren is known for its secrecy, a legacy of protecting its technology in the cut-throat world of F1.
A spokesman for McLaren Group said: “We are not in a position to comment further for legal reasons.”
Mystery investigation could put brake on McLaren’s profits

McLaren derives the bulk of its revenues from sales of its super cars

Credit:
McLaren Automotive
The disclosure came as it reported revenue slipped 3pc to ?871m, and the company fell to a ?66m pre-tax loss from a ?1.3m profit. The decline was caused by lower car production rates as new processes were put in place.
McLaren said it had been advised that neither it nor any of its subsidiaries “are currently the subject of the investigation... and intends to fully cooperate with the request for information”. However, the company used the accounts to warn that the probe could be damaging financially.
This could happen whether or not an investigation is “pursued or results in any culpability against those subject to the investigations, any negative publicity surrounding assertions against executive persons and other persons who have been, or are currently, associated with the group”.
It added that the fallout could “adversely affect the brand and reputation”.
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