Odey ups Pendragon stake to 15%

Odey Asset Management has increased its stake in Pendragon from 14.49% to 15.01%. The London-based investment firm remains Pendragon’s second-largest shareholder, behind Telios Capital Partners, which holds 18.09% (down from more than 21% earlier in 2019).

The move comes after a year in which Anders Hedin bought a 9.24% stake in Pendragon and gradually upped it throughout the year, reaching a 13.06% stake in November 2019.

Last week, Pendragon issued its H2 trading update claiming that despite performance that had “significantly improved” in the second half of 2019 full-year results would be at the bottom end of expectations. This is lower-end figure is thought to be close to a £18 million loss.

It cited the closure of 22 underperforming Car Store sites out of a total of 34, better used vehicle management and a “clear focus” on operational cost management. However, the franchised UK business remained challenging.

In its earlier H1 trading update, which announced a £32m loss before tax to the end of June, Pendragon forecast an underlying loss before tax for FY19 at the bottom of the board’s expectations.

Full year results to 31 December 2019 will be announced on 18 March.

Sytner appoints new CarShop boss

Sytner has promoted Nigel Hurley to run its car supermarket division, which trades as CarShop, following the departure of previous boss Jonathan Dunkley just before Christmas.

Mr Hurley, who has worked for Sytner for 21 years, moves from his role as divisional managing director for Sytner’s BMW & Mini operations.

A Sytner spokesman said: “Nigel’s internal transfer, and appointment, as a director of the Sytner Car Supermarket Division is intended to progress the further integration of CarShop into the Sytner Group, and facilitate the future growth and expansion of this business.”

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