Friday, January 04, 2008
Pendragon sells sites for £10m
Pendragon sold three sites for £10 million at the end of last month.
The sites are located in Preston, Mansfield and Stockport and represent the Ford, Fiat and Saab franchises.
The Nottingham-based firm announced its latest sale-and leaseback deal after warning last month of a £12m profits shortfall for 2007 due to falling prices in the new car market.
Pendragon, which operates the Evans Halshaw and Stratstone brands, also lowered profits forecasts for 2008 by £18m in the "uncertain economic outlook" and added that its view of the market was unchanged.
The latest move in the dealership's programme of disposals will see it gain £6m on the sale - bringing profits on property sales to £15.3m this year. Pendragon also expects to gain proceeds of around £34m from other sites currently under offer.
DATED: 04.01.08
FEED: AM
The sites are located in Preston, Mansfield and Stockport and represent the Ford, Fiat and Saab franchises.
The Nottingham-based firm announced its latest sale-and leaseback deal after warning last month of a £12m profits shortfall for 2007 due to falling prices in the new car market.
Pendragon, which operates the Evans Halshaw and Stratstone brands, also lowered profits forecasts for 2008 by £18m in the "uncertain economic outlook" and added that its view of the market was unchanged.
The latest move in the dealership's programme of disposals will see it gain £6m on the sale - bringing profits on property sales to £15.3m this year. Pendragon also expects to gain proceeds of around £34m from other sites currently under offer.
DATED: 04.01.08
FEED: AM
