Pendragon PLC
(“Pendragon” or
the “Company”)
Disposal of
Hornburg Jaguar and Hornburg Land Rover, Los Angeles, California
Pendragon announces that it agreed on 04
September 2020 to dispose of the trade and assets of its
Jaguar and Land Rover motor vehicle dealership located in
Los Angeles, California (the
“Transaction”).
In relation to the Transaction, the purchaser of the business is
Triunity Automotive Group, LLC (“Triunity”), the operator of
a privately owned dealership group. The consideration for the
Transaction is expected to be approximately £15.8 million, subject
to completion adjustments, to be satisfied entirely in cash payable
at completion, with the precise amount being determined following
the preparation of completion accounts in respect of the
Transaction. As at 31 December
2019, the gross assets that are the subject of the
Transaction amounted to £27.4 million and the profit prior to
central costs amounted to £0.3m. The proceeds of the
Transaction will be used for general corporate purposes.
Completion of the Transaction is subject to a number of conditions,
including, inter alia, the purchaser obtaining OEM approval.
Upon the agreement that has been entered into in respect of the
Transaction becoming unconditional, Jaguar Land Rover (“JLR”), as
the OEM, will have a right of first refusal over the trade and
assets that are the subject of the Transaction. In the event that
such right is exercised in respect of the Transaction, JLR will
nominate a replacement to the current purchaser, who will otherwise
acquire the relevant trade and assets on the same terms.
The Company will make a further announcement upon completion of
the Transaction or earlier in the event that the Transaction will
not proceed to completion.
| Enquiries |
| Mark Willis |
Pendragon PLC |
01623 725114 |
| Henry Wallers |
Headland |
0203 805 4822 |