Pendragon has attracted further investment from Swedish investment company Anders Hedin Invest, just five days after its acquisition of an initial 9% share of the car retail group.
Anders Hedin Invest bought a 9.24% share in the AM100’s former number one retail group last week and – combined with shares acquired by the firm’s owner, Anders Hedin – took its total share of the business to 9.35%.
Yesterday (January 30), however, the business made the further acquisition of shares to take its total share to 11.25%.
The developments follow Pendragon chief executive Trevor Finn’s announcement in December that he would officially retire from the business at the end of March 2019.
News of Finn’s departure came within weeks of an announcement that Tim Holden will also be standing down officially, from his role as finance director, in March.
Holden will be succeeded by Mark Willis.
As reported by AM following last week’s initial interest from Anders Hedin Invest, speculation in the City suggests that a play for ownership of Pendragon may be about to unfold.
Anders Hedin Invest already owns several dealer groups on the Continent.