Pendragon PLC

Pendragon PLC (LSE: PDG) is the second largest motor retailer in the United Kingdom.[2] It operates the Evans Halshaw, Stratstone, brands of Quickco, Car Store used car supermarkets in United Kingdom, and dealerships in the United States. The company is based at Annesley, Nottingham. It is listed on the London Stock Exchange.

This article is about the British motor dealers. For other companies, see Pendragon (disambiguation).

Pendragon PLC
TypePublic limited company
LSE: PDG
IndustryCar Sales
PredecessorWilliams Holdings (1989–10)
Founded1989 (1989)
HeadquartersAnnesley, Nottingham
Key people
Bill Berman (Chairman)
Martin Casha (COO)
ProductsVehicles
Revenue£4,453.9 million (2015)[1]
£100.5 million (2015)[1]
£72.9 million (2015)[1]
SubsidiariesList Of Operations
Websitewww.pendragonplc.com

History
Stratstone near Durham (2007)

Pendragon became a public limited company, when the vehicle division of Williams Holdings which operated nineteen car dealerships, was demerged in 1989. From its establishment in 1989 until April 2010, the company was chaired by Sir Nigel Rudd.[3]

In 1990, the company's portfolio to incorporate volume car franchises, such as Ford and Vauxhall. Following this, Pendragon began a series of high profile acquisitions. The Stratstone brand was acquired in 1992, establishing a relationship for Pendragon with Jaguar and Land Rover.[4]

In August 1997, an acquisition of Lex Service PLC and their seventeen volume car dealerships took place.[5]

In August 1998, Pinewood computers was acquired by Pendragon, expanding the company's portfolio into the specialist areas of dealer management systems, telecommunications and remote security monitoring systems for the retail motor industry. Pendragon went on to acquire the whole shared capital of Evans Halshaw in February 1999.[4]

After this, a further thirty two franchised dealerships were bought from Lex Service PLC in March 2000.[6]

In July 2000, Pendragon expanded into America, with their acquisition of Bauer Jaguar, the third largest Jaguar dealership in America. Throughout the remainder of 2000 to 2001, various other dealerships based in California were acquired, including Hornburg in April 2001, which held the Jaguar and Land Rover dealership in Los Angeles.[7]

Pendragon PLC bought Reg Vardy PLC in December 2005, taking on a total of ninety six new dealerships.[8] However, in April 2006, Pendragon were unable to complete a proposed takeover of Lookers.[9] Soon thereafter, the automotive industry was hit by a recession, leading to the closure of dealerships, and job cuts in both the United Kingdom and United States.[10][11]

In April 2019, shares in the company fell 13%, after it posted their £2.8 million first quarter loss, substantially below the £6 million profit predicted by analysts.[12]

After an initial business review in June 2019, it is found that losses incurred by its division of Car Store would jump from £11.9m in 2018 to over £25m in 2019, as a result of excess used car stock and execution inefficiency.[13] Its CEO, Mark Herbert, would leave after joining the company for three months.[14]

Operations

The Pendragon Group is organised into several divisions:[15]

References
  1. "Annual Report for year ended 31 December 2015" (PDF). Pendragon. Archived from the original (PDF) on 27 March 2016. Retrieved 10 April 2016.
  2. "Pendragon reveals who will replace Trevor Finn as chief executive". City AM. 18 February 2019. Retrieved 28 June 2019.
  3. Graham Ruddick, "Pendragon's Sir Nigel Rudd to step down after 20 years", The Daily Telegraph, 30 April 2010.
  4. "Top 200 companies: Pendragon". Nottingham Post. 16 June 2015. Archived from the original on 22 July 2015. Retrieved 22 August 2015.
  5. "PENDRAGON CASTS A LONG SHADOW". Motor Trader Magazine - Motor Industry: News - Jobs - Awards. Retrieved 22 August 2015.
  6. "Late News". Automotive News Europe. 13 March 2000.
  7. "Pendragon buys Jaguar and Land Rover outlets in US". am-online.com. 18 April 2001. Retrieved 22 August 2015.
  8. Scott Reid, "Pendragon in top gear", The Scotsman, 26 April 2008.
  9. "Pendragon takeover plan falters", The Birmingham Post, 28 April 2006.
  10. Clinton Manning, "your money: Pendragon faces bumpy ride", Daily Mirror, 1 July 2008.
  11. Scott Reid, "Pendragon's warning of bumpy road ahead in 2008 for car sales", The Scotsman, 21 February 2008.
  12. "Luxury car seller Pendragon dives after slower sales cause shock loss". Evening Standard. 17 April 2019. Retrieved 23 April 2019.
  13. "Pendragon seeks 'self-help opportunities' after significant loss predictions". City AM. 12 June 2019. Retrieved 28 June 2019.
  14. "Pendragon boss quits after just three months steering UK car dealer". Reuters. 27 June 2019. Retrieved 28 June 2019.
  15. "Divisions". Pendragon. Archived from the original on 24 September 2015. Retrieved 22 August 2015.
This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.