March 7, 2018 / 12:58 PM / 7 months ago

McLaren's shareholders no longer considering market flotation: Flewitt

GENEVA (Reuters) - British Formula One and sports car maker McLaren’s shareholders are no longer considering a stock market flotation and are focused on growing the group, the head of the brand’s automotive division Mike Flewitt told Reuters.

FILE PHOTO: The Mclaren logo on a car is photographed at a dealership in Singapore June 1, 2017. REUTERS/Thomas White

Flewitt said in June that he thought the firm would “do something like an IPO (initial public offering)” in the following three to five years.

But a day later the company announced Ron Dennis, McLaren’s chairman, was stepping down from his role at the brand and selling his shares, ending a 37-year relationship.

Flewitt said that since then there had been a rethink from the remaining shareholders, who include Bahrain’s Mumtalakat Holding Company and TAG Group, a firm led by Saudi-born businessman Mansour Ojjeh.

“They’re not looking now for an exit so I certainly don’t see an IPO in three to five years,” Flewitt said during an interview at the Geneva Motor Show.

“Right now, all the conversation is around how do we grow the business ... for the good of the combined shareholder group,” he said.

Reporting by Costas Pitas; editing by Stephen Addison

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