JLR eyeing Silverstone bid 03 | 12 | 2015
JAGUAR LAND ROVER is considering a bid to buy Silverstone race circuit, the home of the Formula One British Grand Prix. If the purchase of the site, which has been valued at £22.7 million, goes ahead, JLR will build a new UK HQ on the site.
It's also expected the site would be further developed to accommodate a heritage centre, museum display, design workshop, hotel and customer handover buildings. In total, there would be offices for around 1000 staff.
In a report in today's Financial Times, JLR has asked property consultants Cushman & Wakefield to value the circuit and its land.
Though currently at the proposal stage — it has yet to be turned in to a formal offer — its understood JLR would make the British Racing Drivers Club (BRDC), which currently owns the lease to the venue, a tenant of the circuit. Silverstone Circuits Ltd, a subsidiary of the BRDC, would then operate it on JLR’s behalf.
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For the deal — which is at the very early stages, and would be unlikely to be completed before 2020 — to get the go-ahead, the BRDC would need approval from its 850 members.
A JLR statement to the Financial Times said the firm continued to look to “invest and grow its business operations in the UK."
The BRDC, meanwhile, confirmed it has yet to receive a formal offer from Jaguar Land Rover with regard to a potential purchase of the Northamptonshire facility.
"The British Racing Drivers' Club (BRDC) receives confidential approaches from a number of different parties attracted to the iconic Silverstone circuit and considers these on their merits," a statement issued by the BRDC to its members, said.
"Should an attractive offer be received from any party, the BRDC board would seek a mandate from Club members before progressing it.
"We have no further comments to make on the recent press reports."
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Jim McGill