Wednesday, August 09, 2006
Pendragon looking for more acquisitions
Pendragon is still on the acquisition trail and could be looking to make 50 small purchases in the UK, according to press reports.
The reports also suggest that Pendragon has not ruled out another move on Lookers, although this is thought to be unlikely until it has paid off more of the £500m it borrowed to acquire Reg Vardy in February.
Yesterday the group announced strong first-half results which saw profits rising from £35.3m to £50.8m. Separately the Office of Fair Trading confirmed the group will not be referred to the Competition Commission following its acquisition of Reg Vardy.
However, the OFT said it was still concerned about the reduction of competition for new car servicing in four geographical areas and Pendragon has offered to divest a number of sites as a result.
DATED: 09.08.06
FEED: MT
The reports also suggest that Pendragon has not ruled out another move on Lookers, although this is thought to be unlikely until it has paid off more of the £500m it borrowed to acquire Reg Vardy in February.
Yesterday the group announced strong first-half results which saw profits rising from £35.3m to £50.8m. Separately the Office of Fair Trading confirmed the group will not be referred to the Competition Commission following its acquisition of Reg Vardy.
However, the OFT said it was still concerned about the reduction of competition for new car servicing in four geographical areas and Pendragon has offered to divest a number of sites as a result.
DATED: 09.08.06
FEED: MT
