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Pendragon PLC (LSE: PDG) is a multi-national operator of franchised motor dealers in the United Kingdom, with international outlets in the United States. The Pendragon Group focuses on a variety of luxury cars and motorcycles, marketed under the Stratstone name, which include Aston Martin, BMW, Ferrari, Harley-Davidson, Honda, Jaguar, Land Rover, Lotus, Maserati, Mercedes-Benz, MINI, Morgan, Porsche, Smart and Triumph.
Other brands are marketed as Evans Halshaw, which is the largest volume car retailer in the United Kingdom. This brand includes Vauxhall, Ford, Citroën, Peugeot, Renault, Nissan, Hyundai, Kia, Chevrolet, Dacia and SEAT. The company's registered office is at Annesley, Nottingham. The company is listed on the FTSE 250 Index. From its establishment in 1989 until April 2010, the company was chaired by Sir Nigel Rudd.
Pendragon became a public limited company, when the vehicle division of Williams PLC was demerged in 1989, which operating 19 car dealerships, representing specialist and luxury franchises. This was as well as a small contract hire business. In 1990, the company's portfolio to incorporate volume car franchises, such as Ford and Vauxhall. Following this, Pendragon began a series of high-profile acquisitions. The Stratstone brand was acquired in 1992, establishing a relationship for Pendragon with Jaguar and Land Rover. In 1997, an acquisition of Lex Service PLC and their 17 volume car dealerships took place.
In August 1998, Pinewood computers was acquired by Pendragon, expanding the company's portfolio into the specialist areas of dealer management systems, telecommunications and remote security monitoring systems for the retail motor industry. Pendragon went on to acquire the whole shared capital of Evans Halshaw in February 1999, making Pendragon the largest motor dealer group in the United Kingdom. After this, a further 32 franchised dealerships were bought from Lex Service PLC in March 2000.
In July 2000, Pendragon expanded into America with their acquisition of Bauer Jaguar, the third largest Jaguar dealership in America. Throughout the remainder of 2000–2001, various other California–based dealerships were acquired, including Hornburg, South Coast Jaguar and Land Rover.
Pendragon PLC bought Reg Vardy PLC in December 2005, taking on a total of 96 new dealerships. However, in April 2006, Pendragon were unable to complete a proposed takeover of Lookers. Soon thereafter, the automotive industry was hit by a recession, leading to the closure of dealerships, and job cuts in both the United Kingdom and United States. Pendragon's share price fell to 1.08p on 19 December 2008.
Although continuing to face challenges and some cuts. Pendragon have since seen a recovery in value, and improved company performance. The company reported a first half 2013 profit of £23.6 million, up 24% over last year. Their debt so far has been reduced to £150 million, achieved through a successful refinancing of the company.
- Evans Halshaw
- Pendragon Contracts
- Pinewood Technologies
- "Sir Nigel heads for Invensys boardroom", Daily Mail, 5 December 2008.
- Graham Ruddick, "Pendragon's Sir Nigel Rudd to step down after 20 years", The Daily Telegraph, 30 April 2010.
- Scott Reid, "Pendragon in top gear", The Scotsman, 26 April 2008 – via HighBeam Research (subscription required).
- "Pendragon takeover plan falters", The Birmingham Post, 28 April 2006 – via HighBeam Research (subscription required).
- Clinton Manning, "your money: Pendragon faces bumpy ride", Daily Mirror, 1 July 2008 – via HighBeam Research (subscription required).
- Scott Reid, "Pendragon's warning of bumpy road ahead in 2008 for car sales", The Scotsman, 21 February 2008 – via HighBeam Research (subscription required).
- Scott Reid, "Top marques for car dealer as luxury models help it get back in the black", The Scotsman, 24 February 2010 – via HighBeam Research (subscription required).