Pendragon directors buy shares
THE directors of the UK's largest car dealership Pendragon have moved to boost confidence in the firm after it issued its second profits warning in five months.
Board members, led by chief executive Trevor Finn and chairman Sir Nigel Rudd, bought 2.6 million shares in the company at 35.5p each for a combined total of £915,000.
Pendragon, which has its head office in Nottingham and bought Yorkshire-based car dealer CD Bramall in 2003 saw its shares lose a third of their value on
Tuesday after it blamed continuing price deflation and forest fires in the US for the profits warning.
The group, which operates the Stratstone and Evans Halshaw brands, has struggled this year because of a glut of new vehicles and increased incentives from manufacturers squeezed margins on new and used vehicles.
Its shares, which have dropped almost 70% in the last 12 months, dropped 18.75p on Tuesday.
Sir Nigel and Mr Finn bought one million shares each while chief operating officer Martin Casha and finance director David Forsyth bought 280,000 shares each and corporate services director Hilary Sykes bought 40,000 shares.
