PLCs
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Car Dealer News 30 Jul‘False economy’ masks extent of impending car retail job cuts, says Pendragon boss
A ‘false economy’ which has seen the UK’s car retail sector deliver on pent-up demand from the COVID-19 lockdown is masking the true extent of impending redundancies in the sector, Pendragon boss Bill Berman has told AM.
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Car Dealer News 30 JulPendragon plans 1,800 job cuts and car dealership closures across the UK
Pendragon has announced a plan to axe 1,800 jobs from its UK car retail network as part of a bid to create a “leaner and more sustainable operating model” in the wake of the COVID-19 crisis.
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Car Dealer News 30 JulInchcape continues restructure plan after £188m H1 2020 loss
Inchcape is driving forward plans for a restructure to be completed by Q1 next year after reporting a 36% decline in overall revenues and pre-tax losses of £188 million in the first half of 2020.
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Manufacturer 29 JulAston Martin understated 2019 loss by £15.3m due to dealer payment error
Accounting errors have been blamed for an understatement of Aston Martin’s 2019 losses by £15.3 million.
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Car Dealer News 17 JulCaffyns reports 5.4% revenue decline in 2020 financial results
COVID-19 and the EU’s new RDE CO2 emission regulations were cited as the “key events” which resulted in a 5.4% decline in revenues in the car retail group’s 2020 annual financial results.
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Opinion 16 JulVertu CEO Robert Forrester: 'Get to work if you can' should be Government stance
The time has come for the Government to give a definitive bit of advice, to codify what the Prime Minister could only splutter when he said: “Instead of ‘stay at home if you can’ – I think we should now say, well, ‘go back to work if you can’.”
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Car Dealer News 14 JulVertu Motors to reduce employee headcount by 345 to 'future proof' business
Vertu Motors has taken the decision to cut 345 jobs as it looks to future proof its operations through increased automation in the wake of the COVID-19 lockdown.
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Car Dealer News 1 JulLookers share trading suspended after fraud probe delays 2019 results
Lookers has requested that the listing of its ordinary shares be temporarily suspended, pending publication of its 2019 annual financial results.
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Car Dealer News 30 JunJobs ‘at risk’ at Cambria Automobiles’ JLR Swindon dealership
Over 20 employees could be at risk of redundancy at Cambria Automobiles’ Jaguar Land Rover (JLR) dealership in Swindon as part of plans to mitigate against the impact of COVID-19.
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Car Dealer News 29 Jun
Pendragon rebrand to ‘power’ Evans Halshaw, Stratstone and Car Store
The Evans Halshaw, Stratstone and Car Store car retail businesses will have a “powered by Pendragon” prefix added to their name as part of a rebrand of the AM100 car retail group aiming to add confidence to car buying consumers.
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Car Dealer News 29 Jun
Lookers fraud probe reveals £19m accounts ‘black hole’ amassed over several years
The investigation into fraud at Lookers has exposed a £19 million ‘black hole’ resulting from overstated supplier bonuses, fraudulent expenses claims and the inconsistent application of policies, processes and accounting standards.
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Car Dealer News 24 JunLookers to shake-up board in search of ‘new skills and experience’
Lookers is preparing to shake-up its board of directors in the search for ‘new skills and experience’ to guide the AM100 car retail group through the next phase of its development.
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Car Dealer News 18 JunPendragon plans job cuts and leadership changes
Pendragon has begun a consultation over redundancies as it plans to reformat its leadership and management structure.
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Car Dealer News 8 Jun
Lookers annual results delay to trigger share trading suspension
Lookers expects to be hit by a temporary suspension of shares trading after conceding that its 2019 annual financial results will not be published in time for the Financial Conduct Authority’s (FCA) June 30 deadline.
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Car Dealer News 4 Jun
Lookers to axe up to 1,500 jobs and close 12 more car dealerships
Lookers will close a further 12 car dealerships and cut its employee headcount by up to 1,500 as part of a restructure plan aiming to make annual savings of £50 million.
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Car Dealer News 3 JunVertu Motors announces acquisition intention in 2019 financial results
Vertu Motors declared an intention to add new manufacturer partners as it grows through acquisition in a 2019 results statement following its first two days of showroom trading since the COVID-19 lockdown.
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Car Dealer News 27 May
Caffyns to detail COVID-19’s ‘significant impact’ in annual results
Caffyns has praised its employees' response to the COVID-19 crisis as “outstanding” as it revealed the mitigation measures taken by the business in a trading update published this morning (May 27).
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Car Dealer News 7 May
Vertu Motors will ‘capitalise on opportunities’ after COVID-19 lockdown
Vertu Motors’ director have asserted that the group has sufficient liquidity to exit the COVID-19 coronavirus lockdown and “capitalise on trading opportunities” in an interim trading statement.
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Car Dealer News 6 MayCambria considers redundancies as COVID-19 threatens ‘Darwinian evolution’ of car retail
Cambria Automobiles chief executive Mark Lavery has conceded that “over 100 redundancies” are possible within his car retail group when the Government's coronavirus job retention scheme’s (CJRS) furlough period ends.
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Car Dealer News 6 MayCambria Automobiles performing 'ahead of expectations' before COVID-19 lockdown
Cambria Automobiles has reported increased profitability in interim financial results revealing that the AM100 car retail group was performing 'ahead of expectations' prior to the COVID-19 lockdown.
