Pendragon PLC
Encyclopedia
Pendragon PLC is a multi-national operator of franchised motorcar dealerships in the United Kingdom
with international outlets in the United States
. This member of the Pendragon Group focuses on a variety of luxury cars marketed under the Stratstone name which include Porsche
, Ferrari
, and BMW
. Other brands are marketed as Evans Halshaw which is the largest Vauxhall
retailer in the UK. The company's registered office is at Annesley
, Nottingham
, Nottinghamshire
, England.
The company is listed on the FTSE 250 index and once had Sir Nigel Rudd
as company Chair.
Pendragon was formed on the 4 October 1989. For the year ended 31 December, 2006 across over 320 franchised dealerships, turnover was £5,101 million, while profits were £96.4 million before tax and £67.5 million after tax.
offered 875p per share for Reg Vardy
. However, Pendragon offered a counter bid of 900p a share, which succeeded after Lookers decided it could not raise its bid.
and Reg Vardy
with the existing Pendragon operations.
On 12 January 2006, Pendragon made a revised indicative offer to Lookers (the 'Revised Proposed Offer'). The exchange ratio in the Revised Proposed Offer was 1.15 new Pendragon shares for each Lookers share.
Pendragon has a large contract hire business in the UK, operating under the brands of Pendragon Contracts, Bramall Contracts and Vardy Contract Motoring.
United Kingdom
The United Kingdom of Great Britain and Northern IrelandIn the United Kingdom and Dependencies, other languages have been officially recognised as legitimate autochthonous languages under the European Charter for Regional or Minority Languages...
with international outlets in the United States
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
. This member of the Pendragon Group focuses on a variety of luxury cars marketed under the Stratstone name which include Porsche
Porsche
Porsche Automobil Holding SE, usually shortened to Porsche SE a Societas Europaea or European Public Company, is a German based holding company with investments in the automotive industry....
, Ferrari
Ferrari
Ferrari S.p.A. is an Italian sports car manufacturer based in Maranello, Italy. Founded by Enzo Ferrari in 1929, as Scuderia Ferrari, the company sponsored drivers and manufactured race cars before moving into production of street-legal vehicles as Ferrari S.p.A. in 1947...
, and BMW
BMW
Bayerische Motoren Werke AG is a German automobile, motorcycle and engine manufacturing company founded in 1916. It also owns and produces the Mini marque, and is the parent company of Rolls-Royce Motor Cars. BMW produces motorcycles under BMW Motorrad and Husqvarna brands...
. Other brands are marketed as Evans Halshaw which is the largest Vauxhall
Vauxhall Motors
Vauxhall Motors is a British automotive company owned by General Motors and headquartered in Luton. It was founded in 1857 as a pump and marine engine manufacturer, began manufacturing cars in 1903 and was acquired by GM in 1925. It has been the second-largest selling car brand in the UK for...
retailer in the UK. The company's registered office is at Annesley
Annesley
Annesley is a village and civil parish in the District of Ashfield in Nottinghamshire, England, located between Hucknall and Kirkby-in-Ashfield. According to the 2001 census the parish had a population of 1,096. Nearby to the west is Annesley Woodhouse...
, Nottingham
Nottingham
Nottingham is a city and unitary authority in the East Midlands of England. It is located in the ceremonial county of Nottinghamshire and represents one of eight members of the English Core Cities Group...
, Nottinghamshire
Nottinghamshire
Nottinghamshire is a county in the East Midlands of England, bordering South Yorkshire to the north-west, Lincolnshire to the east, Leicestershire to the south, and Derbyshire to the west...
, England.
The company is listed on the FTSE 250 index and once had Sir Nigel Rudd
Nigel Rudd
Sir Nigel Rudd is a Fellow of the Institute of Chartered Accountants. In 1982, he founded Williams Holdings, a company which went on to become one of the largest industrial holding companies in the United Kingdom until its demerger in November 2000, creating Chubb plc and Kidde plc...
as company Chair.
Pendragon was formed on the 4 October 1989. For the year ended 31 December, 2006 across over 320 franchised dealerships, turnover was £5,101 million, while profits were £96.4 million before tax and £67.5 million after tax.
Entry into North American market
In 2000 Pendragon launched its U.S. market entry with the acquisition of Bauer Jaguar in Santa Ana California. At the time Bauer was the third largest Jaguar retailer in the country. Pendragon would then proceed to drive out a proven management team to be replaced by personnel from the U.K. who had absolutely no understanding of American automotive market operations. In January 2009 Pendragon would close Bauer and walk away from the last two years of their lease on the property. Pendragon would continue a disastrous legacy of overpaying for and micromanaging their U.S. dealerships resulting in extremely high turnover of dealership personnel and massive revenue loses. Eventually Pendragon would be forced to either sell or walk away from many of their U.S. based dealerships.Merger of Reg Vardy
In January 2006, LookersLookers
Lookers is a car dealership chain in the United Kingdom with over 90 dealerships turning over in excess of £1bn annually.-Reg Vardy:In January 2006, Lookers offered 875p per share for larger rival Reg Vardy...
offered 875p per share for Reg Vardy
Reg Vardy
Evans Halshaw is a chain of car dealerships with around 180 showrooms, predominantly in Northern England. It is a subsidiary of Pendragon PLC.-Pendragon PLC:...
. However, Pendragon offered a counter bid of 900p a share, which succeeded after Lookers decided it could not raise its bid.
Attempted takeover of Lookers
During the bidding battle for Reg Vardy, on 14 December 2005 Pendragon offered 1.1 new Pendragon shares for each existing Lookers share. Pendragon Group was the proposed name for the entity produced via the acquisition of LookersLookers
Lookers is a car dealership chain in the United Kingdom with over 90 dealerships turning over in excess of £1bn annually.-Reg Vardy:In January 2006, Lookers offered 875p per share for larger rival Reg Vardy...
and Reg Vardy
Reg Vardy
Evans Halshaw is a chain of car dealerships with around 180 showrooms, predominantly in Northern England. It is a subsidiary of Pendragon PLC.-Pendragon PLC:...
with the existing Pendragon operations.
On 12 January 2006, Pendragon made a revised indicative offer to Lookers (the 'Revised Proposed Offer'). The exchange ratio in the Revised Proposed Offer was 1.15 new Pendragon shares for each Lookers share.
Group companies and brands
- CadillacCadillacCadillac is an American luxury vehicle marque owned by General Motors . Cadillac vehicles are sold in over 50 countries and territories, but mostly in North America. Cadillac is currently the second oldest American automobile manufacturer behind fellow GM marque Buick and is among the oldest...
- sole UK distributor (exclusivity withdrawn by GM Summer 2007) - Chevrolet CorvetteChevrolet CorvetteThe Chevrolet Corvette is a sports car by the Chevrolet division of General Motors that has been produced in six generations. The first model, a convertible, was designed by Harley Earl and introduced at the GM Motorama in 1953 as a concept show car. Myron Scott is credited for naming the car after...
- sole UK distributor (exclusivity withdrawn by GM Summer 2007) - Harley Davidson - under the Stratstone brand, the largest dealer of Harley Davidsons in the UK
Pendragon has a large contract hire business in the UK, operating under the brands of Pendragon Contracts, Bramall Contracts and Vardy Contract Motoring.
Chronology
- 1920 - PJ Evans one of the largest Midlands car dealers
- 1945 - Broad Street Motors acquired
- 1978 - Purchase of the Halshaw Group
- 1988 - Four further acquisitions. Sixteenth Ford dealership acquired in Chorley, Lancashire
- 1998 - Acquired Pinewood Computers
- 1999 - Evans Halshaw acquired by Pendragon
- 2000 - Pendragon acquires Bauer Jaguar in Santa Ana Cafifornia for $9.4m and ten year lease. Pendragon will eventually be forced to close this once highly successful, family owned 30+ year old dealership, due to the failure of their management style.
- 2001 - Pendragon acquires 32 Lex Retail dealerships
- 2003 - Pendragon acquires Land Rover Dealerships in Mission Viejo and Newport Beach. Continuing their trend of over-paying for U.S. acquisitions.
- 2004 - Pendragon acquires CD Bramall
- 2005 - Acquires Saab Santa Monica California. Pendragon will be forced to walk away from this business two years later after heavy loses.
- 2006 - acquisition of Reg Vardy
- 2006 - Acquisition of Speeds motor group, taking three Chrysler Jeep dealerships and approximately eight Volvo dealerships.
- 2007 - acquisition of 24 Dixons sites
- 2007 - Closes Lincoln Mercury dealership in Irvine California.
- 2008 - BMW Announced that they would not be continuing their partnership with Pendragon.
- 2008 - IVECO Announced that they will not be continuing their partnership with Pendragon after 2010.
- 2008 - Pendragon looking to sell their Pinewood business for £60 million.
- 2009 - Pendragon closes Bauer Jaguar in Santa Ana California. Bauer was Pendragons's initial acquisition in the U.S. market and was once touted as being the "Jewel in the Crown" of its North American operations.
- 2009 - Pendragon announces a 200+ million pound sterling pre-tax loss for 2008. Stock value reduced to pennies.
External links
- Official site
- Companies House Company Number 02304195
- Corporate site for US ring in California
- Pendragon History