McLaren poaches Talktalk finance chief to steer equity raise
Iconic supercar maker McLaren has poached Talk Talk’s finance chief Kate Ferry as the firm continues its post-Covid restructuring programme.
Ferry will take up the role of group chief financial officer at the Woking-based firm in April, McLaren announced today.
She is currently handling the transformation of the listed mobile operator into a private firm after it was bought by Toscafund in December.
Ferry will lead McLaren’s planned equity raise and debt financing, which will commence in the near future.
The company is reportedly looking to raise £500m over the next 12 months after taking a battering from the pandemic.
Paul Walsh, McLaren’s executive chairman, said: “Ferry brings an impressive track-record and broad experience that is highly relevant to McLaren’s future priorities.
“She will be a significant addition to our leadership team and I look forward to working with her.”
Ferry added: “I am excited to be joining McLaren at such a pivotal time in the company’s development.
“I look forward to working closely with Paul and the rest of the McLaren leadership team to help realise the full potential of this iconic British luxury brand.”
The drive to raise new equity comes after a year in which McLaren saw sales fall more than 60 per cent, while its pre-tax loss increased to £312.9m.
As a result of the pandemic, the firm was forced to lay off a quarter of its staff over the summer and seek emergency funding to see it through the pandemic.
It is also continuing with the sale-and-leaseback of its distinctive headquarters in Woking, which would help to reduce the amount it needed to raise.
McLaren has already raised £185m through the sale of a minority stake in its F1 racing team to MSP Sports Capital.