Shareholder revolt grows at Pendragon

Shareholders at Nottingham car retail giant appear split over who should lead the company after a divisive AGM on Friday afternoon (June 30).

Chairman Bill Berman remains in post – but only after almost 42% of shareholders voted against the motion to re-elect him.

Meanwhile, chief operating office Martin Casha was also re-elected by the slim margin of 59.9% to 41.1%.

One motion that fell was a vote to approve directors pay for 2022, with over 56% of shareholders rejecting to appove the remuneration report.

A statement from Pendragon said: “The company will continue to consult with shareholders to fully understand their concerns.”

On Friday morning, Pendragon chairman Ian Filby said he was set to exit the business. Filby – who has also served as chairman of Joules – leaves Pendragon, which owns the Evans Halshaw, Stratstone and CarStore brands, following calls from activist investor Palliser Capital to drive profits by refocusing on its higher margin car servicing business.