Pendragon PLC

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Pendragon PLC
Public limited company
Traded asLSEPDG
IndustryCar Sales
HeadquartersAnnesley, Nottingham
Key people
Chris Chambers (Chairman)
Martin Casha (COO)
ProductsVehicles
Revenue£4,453.9 million (2015)[1]
£100.5 million (2015)[1]
£72.9 million (2015)[1]
Websitewww.pendragonplc.com

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

History[edit]

Stratstone near Durham

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][4]

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.[5]

In August 1997, an acquisition of Lex Service PLC and their seventeen volume car dealerships took place.[6]

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.[5]

After this, a further thirty two franchised dealerships were bought from Lex Service PLC in March 2000.[7]

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 California based dealerships were acquired, including Hornburg in April 2001, which held the Jaguar and Land Rover dealership in Los Angeles.[8]

Pendragon PLC bought Reg Vardy PLC in December 2005, taking on a total of ninety six new dealerships.[9] However, in April 2006, Pendragon were unable to complete a proposed takeover of Lookers.[10] 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.[11][12]

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

After an initial business review in June 2019, it is found that losses incurred by its Car Store division would jump from £11.9m in 2018 to over £25m in 2019 as a result of excess used car stock and execution inefficiency.[14] Its CEO Mark Herbert would leave after joining the company for three months.[15]

Operations[edit]

The Pendragon Group is organised into several divisions:[16]

References[edit]

  1. ^ a b c "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. ^ "Sir Nigel heads for Invensys boardroom", Daily Mail, 5 December 2008.
  4. ^ Graham Ruddick, "Pendragon's Sir Nigel Rudd to step down after 20 years", The Daily Telegraph, 30 April 2010.
  5. ^ a b "Top 200 companies: Pendragon". Nottingham Post. 16 June 2015. Archived from the original on 22 July 2015. Retrieved 22 August 2015.
  6. ^ "PENDRAGON CASTS A LONG SHADOW". Motor Trader Magazine - Motor Industry: News - Jobs - Awards. Retrieved 22 August 2015.[permanent dead link]
  7. ^ "Lex rolls out £78m car dealer sale". This is Money. Retrieved 22 August 2015.
  8. ^ "Pendragon buys Jaguar and Land Rover outlets in US". am-online.com. 18 April 2001. Retrieved 22 August 2015.
  9. ^ Scott Reid, "Pendragon in top gear", The Scotsman, 26 April 2008  – via HighBeam Research (subscription required).
  10. ^ "Pendragon takeover plan falters", The Birmingham Post, 28 April 2006  – via HighBeam Research (subscription required).
  11. ^ Clinton Manning, "your money: Pendragon faces bumpy ride", Daily Mirror, 1 July 2008  – via HighBeam Research (subscription required).
  12. ^ Scott Reid, "Pendragon's warning of bumpy road ahead in 2008 for car sales", The Scotsman, 21 February 2008  – via HighBeam Research (subscription required).
  13. ^ "Luxury car seller Pendragon dives after slower sales cause shock loss". Evening Standard. 17 April 2019. Retrieved 23 April 2019.
  14. ^ "Pendragon seeks 'self-help opportunities' after significant loss predictions". City AM. 12 June 2019. Retrieved 28 June 2019.
  15. ^ "Pendragon boss quits after just three months steering UK car dealer". Reuters. 27 June 2019. Retrieved 28 June 2019.
  16. ^ "Divisions". Pendragon. Archived from the original on 24 September 2015. Retrieved 22 August 2015.

External links[edit]