What happened: WSP owns Ricardo and plans to sell its automotive and manufacturing businesses
Canadian professional-services group WSP Global completed its acquisition of UK engineering consultancy Ricardo plc on 9 October 2025, after the scheme of arrangement was sanctioned by the UK court on 7 October. The deal was announced on 11 June 2025 at 430 pence per share in cash, valuing Ricardo's equity at about £281 million (implied enterprise value about £363 million, per the offer announcement).
WSP bought Ricardo for its environment, energy and rail consulting. From the start, it described Ricardo's Automotive & Industrial (A&I) and Performance Products (PP) businesses as subject to an ongoing strategic review that is "likely to result in a sale… at the appropriate time". These are the propulsion design, systems engineering and niche manufacturing units, with about 1,000 staff. PP runs the Shoreham-by-Sea engine assembly line that builds McLaren's road-car engines.
Where the sale stands (as of 28 September 2026)
- No buyer named. In July 2026 Ricardo told The Manufacturer that no buyer had yet been identified and that WSP would share further information "in due course". Autotrayce found no public report of named bidders or a signed sale up to 28 September 2026.
- Leadership change. Long-serving executive Jason Oms O'Donnell succeeded Graham Ritchie as Ricardo CEO (reported 8 July 2026). Ricardo also unveiled a refreshed corporate brand. WSP is integrating Ricardo's environmental, energy consulting and rail businesses from July 2026.
- UK manufacturing "unchanged". Ricardo told The Manufacturer there would be no changes to its UK manufacturing operations as a result of the transition.
- Legal entity. Ricardo Performance Products Limited (Companies House no. 15072813, incorporated August 2023) is registered at the Shoreham Technical Centre and remains active.
Why it matters to McLaren: Ricardo builds its engines
According to Ricardo's May 2023 announcement, Ricardo has produced more than 34,000 McLaren powertrains at its purpose-built Shoreham-by-Sea facility since the 12C in 2011, delivering them to the McLaren Production Centre in Woking. McLaren designs the engines in-house; Ricardo assembles and tests them. The same release says Ricardo has built both the V6 and V8 engines for McLaren's current hybrid and non-hybrid models.
On 9 May 2023 the two companies signed a long-term, multi-year agreement for Ricardo to manufacture McLaren's next-generation V8, in hybrid and non-hybrid versions. It was the third extension and fourth generation of the supply relationship and included further investment in Shoreham. Ricardo's FY2022/23 annual report describes this as an extension of engine supply to McLaren until 2030.
The complicating factor: McLaren plans in-house engines
On 16 September 2026 the UK government's announcement of McLaren's roughly £500 million UK investment stated that McLaren plans to "manufacture future engines in-house for the first time". Reuters reported that transmissions are included too. No timeline or programme allocation has been published. It is not public which future engines move in-house, when, or how this interacts with the Ricardo agreement described as running to 2030. Autotrayce treats these as open questions, not conclusions.
Ricardo PP's other performance customers
The Shoreham engine line is not PP's only niche-volume programme. Ricardo has said it has supplied all the dual-clutch transmissions and drivelines to Bugatti since the original Veyron, including the seven-speed DCT for the Chiron. Its FY2022/23 report also cites continued transmission supply to Bugatti, a Porsche Cup programme transmission contract extended to 2028, deliveries to Aston Martin and several top-tier motorsport programmes, and a new multi-year transmission supply programme for Singer Vehicle Design. These are the most recent company-published statements Autotrayce found; current volumes on each programme were not disclosed.
Procurement and BD takeaways
- Continuity risk: moderate, not acute. The contract (to 2030 per Ricardo), the dedicated Shoreham line and Ricardo's "no change to UK manufacturing" statement all point to near-term stability. A change of owner for PP is the main variable.
- Change-of-control exposure. Any sale of PP puts McLaren's engine assembly under a new parent. Watch for assignment or consent terms, investment commitments for Shoreham, and whether a buyer is a strategic (powertrain or industrial) or financial owner.
- McLaren make-vs-buy shift. McLaren's stated plan to build future engines in-house could reduce Ricardo's McLaren volumes in the longer term. It could also make Shoreham capability, staff or tooling strategically relevant to McLaren or to any buyer.
- Knock-on for specialist OEMs. Bugatti, Porsche motorsport, Aston Martin and Singer programmes rely on the same PP business. Low-volume OEMs sourcing transmissions or engine assembly from Ricardo should track the sale process in the same way.
- Tier-2 exposure. Component suppliers into the Shoreham line (castings, machining, fasteners, test equipment) depend on both the McLaren volume outlook and the eventual owner's sourcing policy.
What to watch
- A WSP or Ricardo announcement of a buyer, carve-out or timetable for A&I and PP.
- Any McLaren statement on timing or scope of in-house engine manufacture and its new UK production facility.
- Confirmation of which McLaren engine families Ricardo builds after the current agreement horizon.
- Ricardo Performance Products filings at Companies House (accounts to 30 June 2026 are due by 31 March 2027).
Sources
- WSP/Ricardo Rule 2.7 announcement, 11 Jun 2025: 430p per share; ~£281m equity value; implied EV £363.1m (pre-IFRS 16); A&I and PP strategic review.
- WSP news release, 11 Jun 2025: A&I and PP (~1,000 professionals) review "likely to result in a sale".
- Ricardo RNS, 9 Oct 2025: completion; court sanction 7 Oct.
- The Manufacturer, 8 Jul 2026: Jason Oms O'Donnell CEO; divestment plan; no buyer identified; no change to UK manufacturing.
- Ricardo press release, 9 May 2023: next-gen V8 supply agreement; 34,000+ McLaren powertrains since 2011; Shoreham facility.
- Ricardo Annual Report 2022/23, Performance Products: McLaren engine supply extended to 2030; Porsche Cup to 2028; Bugatti; Singer; Aston Martin.
- Ricardo statement on Bugatti Chiron DCT: all Bugatti DCTs and drivelines since the Veyron.
- GOV.UK, 16 Sep 2026: McLaren plans to manufacture future engines in-house for the first time.
- Reuters, 16 Sep 2026: engines and transmissions in-house (as reported).
- Companies House: Ricardo Performance Products Limited (15072813).
