Pendragon will dispose of its US-based retail group and begin the reduction of its premium franchises in the UK as part of a revised business strategy.
The business announced a revised plan to shareholders, which chief executive Trevor Finn said “will provide more reliable and sustainable returns”, today.
The group’s new strategy will see the disposal of its five franchised outlets – with Jaguar Land Rover, Aston Martin and Chevrolet – with its California-based Hornburg group and a reduction in the representation of premium franchises which fall within its Stratstone business on UK soil.
In statement issued via The London Stock Exchange Pendragon chief executive Trevor Finn said: “Following our strategic review, we have focussed on reshaping the business to accelerate transformation and ensure capital allocation is optimised across the group.
“The actions I am announcing today are a further step towards achieving our strategic objectives.
“I believe this strategy will provide more reliable and sustainable returns.”