Pendragon on right road again

BRITAIN'S biggest car dealership returned to profit last year, helped by the "cash for bangers" scheme and strong recovery in used car margins.
By The Newsroom
Published 23rd Feb 2010, 19:57 BST
Updated 23rd Feb 2010, 19:57 BST

Pendragon, owner of the Stratstone and Evans Halshaw brands, posted underlying pre-tax profits of 10.1m in the 12 months to December 31, compared with a loss of 33.6m in 2008.

The firm, facing the imminent end of the Government's car scrappage programme, predicted the market for new car sales would be well below the pre-recession average for the next 12 months before gradually improving.

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Chief executive Trevor Finn said: "The group has successfully dealt with the most challenging market conditions experienced since the nineties."

Pendragon now operates 276 franchises after it closed 26 outlets last year, with the overall loss of 879 jobs across the business.

The firm said it had identified a further nine closures for 2010.

"While we anticipate our market will remain difficult in 2010, we are well positioned to focus on the profit opportunities that will drive our core business forward," Mr Finn added.

The firm took over Harrogate-based car and truck dealer C D Bramall five years ago and employs about 1,000 people in Yorkshire.

Related topics:BritainGovernmentHarrogateYorkshire