Monday, November 10, 2008
Car firm Pendragon stutters towards £30m loss
THE owner of the Stratstone and Evans Halshaw car dealerships warned today it expected to make losses of £30m this year. Nottinghamshire-based Pendragon also said it had made 2,500 jobs redundant over the past year – equivalent to 20% of its workforce – as it faces up to the impact of the economic downturn on the car market. It also expects that 75 of its dealerships will have closed between June 2007 and the end of this year, but it said the actions taken and the impact of recent interest rate cuts will lead to improved trading next year. Pendragon is heavily exposed to the domestic market, with all but a handful of its 300-plus dealerships based in the UK.