McLaren Group drawn into government investigation

30/06/2018
NEWS STORY

At a time its Formula One team is experiencing difficulties on and off the track, it has been revealed the team's parent company, the McLaren Group, has been drawn into an investigation by the UK government.

The McLaren Group was formed last year, and it is only recently that its accounts have been filed.

However, according to a report in the Telegraph, buried in said accounts is the revelation that the company has been approached by the "UK government authorities in connection with an ongoing investigation".

According to the documents, 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".

While the company is understood to have been aware of the investigation for at least a year, this is the first time the investigation has come to light, indeed, according to Pitpass sources earlier this week a senior communications manager at the company insisted they were totally unaware of the investigation.

"We are not in a position to comment further for legal reasons," a spokesperson for the McLaren Group told the Telegraph.

The revelation comes amid claims of unrest within the F1 team, where, as the legendary Woking outfit continues to perform well below expectations, there have been media reports of a "toxic" atmosphere and claims of "clueless management".

The Group has seen revenue fall 3% to 871m and a 1.3m profit turned into a 66m pre-tax loss courtesy of lower car production rates as new processes were put in place.

McLaren Group stressed that it has 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". That said, the company admits in the accounts that the investigation could be financially damaging.

According to the Telegraph, 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".

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Published: 30/06/2018
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