Pendragon completes £28m sale of Californian dealership

Pendragon, the troubled Nottingham-based car dealership giant, has completed the sale of its Mission Viejo, California, outlet.

The deal was first announced in May and will net the firm £28.2m.

Pendragon has said work on a second deal to dispose of its Newport Beach dealership for a similar amount is still ongoing.

The news comes as Pendragon’s chief executive Mark Herbert revealed he is set to leave the company just over three months after taking the job.

Herbert will step down “by mutual agreement”, according to the Nottingham car retailer.