Wednesday, February 28, 2024

Sale of Pendragon’s UK motor and leasing business completes

Nottinghamshire car retailer Pendragon has completed the sale of its UK motor and leasing business to North American automotive retailer Lithia in a £367 million deal.

The company said in a statement to the London Stock Exchange: “Pendragon is pleased to announce the sale of the entire issued share capital of Pendragon NewCo 2 Limited completed on 31 January 2024 for a gross aggregate consideration of £367 million, subject to certain financial adjustments, following the satisfaction of all customary completion conditions, alongside the subscription by Lithia for an aggregate subscription price of £30 million and the entry into the strategic partnership with a wholly-owned subsidiary of Lithia Motors, Inc.”

It marks the beginning of the transformation of Pendragon into Pinewood Technologies, a pure-play SaaS business, which operates the company’s dealer management software business.

The business believes that the growth prospects for the company will be enhanced materially as a result of becoming a standalone business, as well as through a strategic partnership with Lithia.

Chris Holzshu, Chief Operating Officer of Lithia, and George Hines, Chief Technology Officer of Lithia, have been appointed to the Board.

In addition, Mark Willis’ resignation as Director and Chief Financial Officer of the company will become effective today. He is replaced as a Director and Chief Financial Officer of the company by Oliver Mann, previously Director of Group Finance of Pendragon.

A message from the Editor:

Thank you for reading this story on our news site - please take a moment to read this important message:

As you know, our aim is to bring you, the reader, an editorially led news site and magazine but journalism costs money and we rely on advertising, print and digital revenues to help to support them.

With the Covid-19 pandemic having a major impact on our industry as a whole, the advertising revenues we normally receive, which helps us cover the cost of our journalists and this website, have been drastically affected.

As such we need your help. If you can support our news sites/magazines with either a small donation of even £1, or a subscription to our magazine, which costs just £33.60 per year, (inc p&P and mailed direct to your door) your generosity will help us weather the storm and continue in our quest to deliver quality journalism.

As a subscriber, you will have unlimited access to our web site and magazine. You'll also be offered VIP invitations to our events, preferential rates to all our awards and get access to exclusive newsletters and content.

Just click here to subscribe and in the meantime may I wish you the very best.

Latest news

Related news

By continuing to use the site, you agree to the use of cookies. more information

The cookie settings on this website are set to "allow cookies" to give you the best browsing experience possible. If you continue to use this website without changing your cookie settings or you click "Accept" below then you are consenting to this.