Losses increase at Pendragon
Losses at Nottingham-based car retailer Pendragon more than doubled last year to over £100m as “significant underlying losses” in the first six months of 2019 hit the troubled firm.
Pendragon lost £117.4m after tax in 2019, new figures showed this morning (18 March) – up from a loss of £50.5m the year before.
The firm experienced a turbulent 2019, closing 22 car store outlets and posting significant losses, but has since rallied slightly, as evidenced by its plans to create a new landmark showroom on the outskirts of Nottingham that could generate up to 55 jobs.
A statement from new chief executive Bill Berman said: “”I am excited to have been appointed to the role of chief executive officer of Pendragon and look forward to the prospect of leading the business through a period of rapid change and innovation in the automotive retail sector. Despite having only been with the business for a short period of time, it is clear this is a company with great potential and a very strong team.
“2019 was a year of transition for the Group that played out against challenging market conditions, however, we returned to profitable growth in the second half and this provides us with a solid platform for the coming year. At the moment, we are closely monitoring the impact of COVID-19 on the economy as the situation continues to develop.
“We will be providing a fuller update on the Group strategy later in the year, which will continue to be based on four strategic pillars; the opportunity to create a strong, stand-alone used car brand, an improved and stable platform in the Franchised UK Motor division, delivering growth in Pinewood and further strengthening our leasing business. I am confident in the long-term prospects for Pendragon and look forward to communicating our strategy in more detail in due course.”
