Pendragon PLC

Pendragon PLC

Pendragon PLC is a multi-national operator of franchised motorcar dealerships in the United Kingdom with international outlets in the United States. This member of the Pendragon Group focuses on a variety of luxury cars marketed under the Stratstone name which include Porsche, Ferrari, and BMW. Other brands are marketed as Evans Halshaw which is the largest Vauxhall retailer in the UK. The company's registered office is at Annesley, Nottingham, Nottinghamshire, England.

The company is listed on the FTSE SmallCap Index and once had Sir Nigel Rudd as company Chair.

Pendragon PLC was formed on the 4 October 1989. For the year ended 31 December, 2006 across over 320 franchised dealerships, turnover was £5,101 million, while profits were £96.4 million before tax and £67.5 million after tax.

Merger of Reg Vardy

In January 2006, Lookers offered 875p per share for larger rival Reg Vardy. However, Pendragon offered a counter bid of 900p a share, which succeeded after Lookers decided it could not raise its bid.

Attempted takeover of Lookers

During the bidding battle for Reg Vardy, on December 14, 2005 Pendragon offered 1.1 new Pendragon shares for each existing Lookers share. Pendragon Group was the proposed name for the entity produced via the acquisition of Lookers and Reg Vardy with the existing Pendragon operations.

On 12 January, 2006, Pendragon made a revised indicative offer to Lookers (the 'Revised Proposed Offer'). The exchange ratio in the Revised Proposed Offer was 1.15 new Pendragon shares for each Lookers share.

After the Lookers board refused to unanimously recommend the offer on 27 January, 2006, the Pendragon board went hostile in its all-share bid for Lookers. Pendragon failed in its bid to buy Lookers, after just 21% of Lookers shareholders accepted Pendragons offer

Group companies and brands

  • Cadillac - sole UK distributor (exclusivity withdrawn by GM Summer 2007)
  • Chevrolet Corvette - sole UK distributor (exclusivity withdrawn by GM Summer 2007)
  • Harley Davidson - under the Stratstone brand, the largest dealer of Harley Davidsons in the UK

Group Companies

  • CD Bramall
  • Evans Halshaw
  • Stratstone
  • Chatfields
  • Reg Vardy

Chronology

  • 1920 - PJ Evans one of the largest Midlands car dealers
  • 1945 - Broad Street Motors acquired
  • 1978 - Purchase of the Halshaw Group
  • 1988 - Four further acquisitions. 16th Ford dealership acquired in Chorley, Lancashire
  • 1998 - Acquired Pinewood Computers
  • 1999 - Evans Halshaw acquired by Pendragon plc
  • 2001 - Pendragon plc acquires 32 Lex Retail dealerships
  • 2004 - Pendragon plc acquires CD Bramall
  • 2006 - acquisition of Reg Vardy
  • 2007 - acquisition of 24 Dixons sites
  • 2008 - BMW Announced would not be continuing their partnership with Pendragon

References

2006 Aquisition of Speeds motor group, taking 3 Chrysler Jeep Garages and approx 8 Volvo.

External links

http://www.carcreditcomplaints.co.uk

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