F&I Management & Training

Pendragon, Britain's biggest car retailer, is close to securing a crucial but expensive new financing deal with its banks. It is understood that the highly indebted company will be forced to pay a total of around £25 million - more than two thirds of its market value - for a fresh set of banking covenants. That, it is suggested, will give it much needed breathing space with its banks as the car market continues to deteriorate. The deal is likely to be announced alongside the company's full-year results next month.

DATED: 31.03.09

FEED: AW