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Sir Peter Vardy resigns

Reg Vardy chief executive Sir Peter Vardy and managing director Robert Forrester resigned their posts last night, just hours after Pendragon announced it had built up a 55.2% shareholding in the Sunderland-based dealer group.

Pendragon’s management, including chief executive Trevor Finn, chief operating officer Martin Casha, finance director David Forsyth and corporate services director Hilary Sykes, is now at Vardy’s Sunderland headquarters for the handover. Forrester and Vardy will stay on for a short period to ensure the process goes smoothly.

Reg Vardy staff received the news in an email from Sir Peter at 9.30pm last night. In it, he says: "I have had a wonderful time working with you all, although it has never felt like work because it has always been such pleasure and great fun."

The two executives’ resignation is yet to be formally announced on the London Stock Exchange.

The move is unlikely to mean the end for Vardy and Forrester’s motor retail careers.

Industry observers expect them to begin another small dealer group, echoing the move of former CD Bramall bosses Tony Bramall and Peter Jones, who launched Bramall & Jones Audi after selling CD Bramall to Pendragon in 2004.

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