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Pendragon agrees £12m sale of JLR dealership

Pendragon Jaguar Land Rover dealership in Santa Monica, USA

Pendragon has agreed to sell another of its Jaguar Land Rover dealerships in a £11.8 million deal.

The outlet, at Santa Monica, USA, will be sold to privately owned dealer group Redwood Automotive, unless Jaguar Land Rover exercises its right of first refusal over the trade and assets that are subject of the transaction.

If that happens, JLR will nominate a replacement to the current purchaser, who will acquire the business on the same terms as agreed with Redwood.

Pendragon said the proceeds from the sale "will be used for general corporate purposes".

In September Pendragon announced the sale of its JLR dealerships in Los Angeles, USA, for £27.4m to Triunity Automotive Group.

That came seven months after Pendragon sold its Chevrolet dealership in Puente Hills, California, to JBR Automotive.

Pendragon, whose headquarters is near Nottingham, has a strategy to focus on its UK operations and withdraw from the USA, where it has owned some dealerships for almost two decades.



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