Pendragon sells US dealerships in £60m deal
Pendragon, the Nottingham-based care dealership giant, has sold two of its Jaguar Land Rover dealerships in the US in a double deal worth £60m.
The firm has sold its dealerships in Mission Viejo, California and Newport Beach, California.
The deals form part of Pendragon’s plan to dispose of its US business.
A statement from the firm said: “The intended application of the sales proceeds, expected to be received in Q3, will be announced as part of the strategic update which will be provided with the announcement of the company’s interim results.”
Two weeks ago, the firm, which trades as Evans Halshaw and Stratstone in the UK, said it would undertake a “review of the operational and financial prospects” of the firm after posting a loss of £2.8m for the three months to 31 March.
