Cambria Automobiles chief executive Mark Lavery has said that he looks forward to “capitalising on the growth opportunities ahead” after agreeing the terms of the group’s management buy-out (MBO).
Lookers will return to “normalised reporting” of its annual financial results after renewing its banking facility and reporting continued strong trading momentum the first four months of 2021.
Pendragon chief executive Bill Berman will receive bonus payments criticised as being “out of tune” despite a 42.2% vote against the PLC’s director remuneration at today’s AGM.
The board of directors at Cambria Automobiles has confirmed that chief executive Mark Lavery has been given more time to negotiate a management buy-out (MBO) of the AM100 car retail PLC.
Vertu Motors chief executive Robert Forrester has said the AM100 PLC will continue to drive a “big brand” profile through high-profile marketing after adding 30 car retail outlets in 15 months.
Inchcape’s UK car dealership operation showed “relative resilience” in a COVID-impacted ‘Lockdown 3’ as the PLC’s distribution business offset revenue losses from retail, the PLC has reported.
The Cambria Automobiles board has granted its management team more time to complete its proposed management buy-out of the AM100 PLC.
Lookers sold over 44,000 new and used cars during a COVID-19 ‘Lockdown 3’ impacted Q1 to finish the period “ahead of expectations”.
Pendragon has completed the process of selling off its US-based Hornburg car retail division with the sales of its Jaguar Land Rover (JLR) dealership in Santa Monica, California.
Cambria Automobiles chief executive Mark Lavery, finance director James Mullins and managing director Tim Duckers are exploring the possibility of a management buy-out of the AM100 PLC.
Lookers has said that it expects to deliver a “small profit” and reduced debt in its 2020 annual financial results – defying analysts’ loss predictions.
UK accounting watchdog the Financial Reporting Council (FRC) has opened an investigation into Deloitte audit of Lookers PLC’s financial statements for 2017 and 2018.
The FCA has told Lookers does not intend to apply any sanction against the car retail group following the decision to close its investigation into the ‘possible mis-selling’ of regulated products.
Inchcape has confirmed that its London Stock Exchange listing has been reclassified to remove reference to retail as it disposed of 13 UK dealership locations as part of a renewed focus on distribution in 2020.
Vertu Motors has reported that it expects its pre-tax profits for the financial year ending February 28, 2021, to exceed analysts’ current £18 million forecasts.
Pendragon has completed the £16.3 million sale of its Hornburg Jaguar Land Rover (JLR) premium car dealership in Los Angeles, California.
Lookers has applied to recommence share trading on the London Stock Exchange following publication of interim financial results which revealed a £50 million loss in a COVID-impacted H1, 2020.
Lookers has filled the chief financial officer role left vacant since February last year with Anna Bielby, formerly of PwC and CFO of telecoms company KCOM Group.
Inchcape has reported that its performance during November’s ‘Lockdown 2’ COVID-19 restrictions was “better than expected” – leading to an upgraded pre-tax profit forecast.
BCA’s 121-acre car storage and preparation facility in Corby has been sold in a deal worth £68 million.
