An international corporate has dropped a £400 million bid for the Nottingham car sales business Pendragon, and talks about a deal have been terminated.
The dealer group said it had put the offer to its five biggest shareholders – and got “strong” support from four – but had not been able to get a conclusive answer from one. Pendragon said it was still set up for growth over the coming months.
Founded in 1989, it represents more than 20 vehicle manufacturers at more than 160 sites across the UK under the Evans Halshaw, Stratstone and Car Store brands. It sells new and used vehicles and provides aftercare services, as well as fleet and leasing services.
