Monday, July 14, 2008
Pendragon loses four BMW sites
Pendragon has lost four of its BMW sites following the German manufacturer’s review of its UK network.
Pendragon's Strastone business will dispose of dealerships in Tring, Taplow and Milton Keynes, as well as closing its Windsor site. Specialist Cars has bought the Tring site.
There are 12 other UK dealers which are believed to be affected by BMW's review.
Meanwhile, Pendragon is believed to have breached its banking covenants on its property joint-venture, leading to demands for a £20 million cash-injection, according to the Daily Telegraph.
Pendragon, together with joint venture partner Aaim, a property fund manager, have been asked to put millions into the venture that owns the vast bulk of the company's car showrooms. It is understood the joint venture has breached loan-to-value covenants on £330m of debt supplied by Royal Bank of Scotland.
Pendragon set up the sale and leaseback joint-venture in 2007.
DATED: 14.07.08
FEED: AM
Pendragon's Strastone business will dispose of dealerships in Tring, Taplow and Milton Keynes, as well as closing its Windsor site. Specialist Cars has bought the Tring site.
There are 12 other UK dealers which are believed to be affected by BMW's review.
Meanwhile, Pendragon is believed to have breached its banking covenants on its property joint-venture, leading to demands for a £20 million cash-injection, according to the Daily Telegraph.
Pendragon, together with joint venture partner Aaim, a property fund manager, have been asked to put millions into the venture that owns the vast bulk of the company's car showrooms. It is understood the joint venture has breached loan-to-value covenants on £330m of debt supplied by Royal Bank of Scotland.
Pendragon set up the sale and leaseback joint-venture in 2007.
DATED: 14.07.08
FEED: AM
