Board appointment at Pendragon

Board appointment at Pendragon

24/01/2013 in News, All News, People News, Dealer News

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Pendragon, the UK's largest car dealer group, has announced a new non-executive director will join its board on January 28.

Chris Chambers takes up the role, replacing Ian Coull, who retires from the board as an independent non-executive director on the same day.

Chambers pursued a career in investment banking, culminating in his roles as managing director and Head of European Equity Capital Markets at Credit Suisse First Boston and finally as a director of MAN Group.

Since 2010 he has concentrated on non-executive roles, primarily in real estate and banking.

He brings retail experience, as former chairman of the prestigious Swiss Jelmoli store, and retail and commercial property expertise from Swiss Prime Site AG, where he is a non-executive director.

His other current non-executive roles are as a member of the supervisory boards of Berenberg Bank (Schweiz) AG and G.E. Money Bank AG Switzerland and he is a senior adviser to private equity firm, Lone Star Europe.

Mike Davies, Pendragon's chairman, commented: "I would like to thank Ian Coull for his time on the board and the valuable contribution he has made.

"I am very pleased that Chris is joining the board. He has amassed considerable achievements in his professional and business life and brings valuable experience from his involvement in capital markets and exposure to a wide range of business sectors, including retail and commercial property.

"The Board looks forward to working with him in the next phase of Pendragon's development."
 


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Pendragon

Pendragon plc is the largest independent operator of franchised motor car dealerships in the UK with a turnover of in excess of £3 billion tops the AM100.

Pendragon sells a broad range of makes of motor cars and commercial vehicles. It also has a substantial presence in the UK vehicle leasing, wholesale parts and dealer management software markets.

Pendragon became a public limited company when the vehicle division of Williams plc was de-merged in 1989, at that time operating 19 car dealerships, representing specialist and luxury franchises, in addition to a small contract hire business.

It now represents more 20 brands operating out of over 300 outlets in the UK and in California, USA.

Covering both specialist and volume brands our largest representation is with Ford and is closely followed by Vauxhall where we are the largest retailer in the UK.

The group’s specialist marques range from Maserati to Mercedes-Benz, Pendragon is the largest franchised dealer for Harley Davidson outside of the USA. It also runs the Evans Halshaw (volume brands) and Stratstone (premium brands).

Chatfields is Pendragon’s commercial van and truck business.

The focus of the business, led by Trevor Finn, is now on “bigger relationships with fewer manufacturers”. He said in February 2012: “The future will see us consolidating and remaining at the forefront of our industry.”

For many years Pendragon has been cutting back sites and staff numbers as it strives to reduce its debts and tackle its pension deficit.

In 2011 it announced a rights issue aimed at raising £70 million. It has secured new credit facilities with bankers until June 2014 conditional on the £70m being used to tackle debts.

In its 2013 full-year financials turnover was up from £3.6 billion to £3.9bn year-on-year, with profit before tax at £44.2m compared to £36.4m. Gearing reduced from 79% to 46%, net debt from £216.4m to £139.6m.

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Turnover

turnover

Profit before tax

profit guide

Gearing

gearing guide

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