2nd May 2019 11:07
LONDON (Alliance News) - Car dealer Pendragon PLC is to sell two Jaguar Land Rover dealerships in California, the company announced on Thursday.
The two sites are in Mission Viejo and Newport Beach, and they are being sold to Lithia Motors Inc and US Auto Trust LLC respectively.
The Mission Viejo site is being sold for GBP29.0 million, entirely in cash, while the second is being disposed of for GBP31.0 million, likewise all in cash.
The two disposals are in line with the company's plan to sell its US motor group, said Pendragon.
"The intended application of the sales proceeds, expected to be received in the third quarter, will be announced as part of the strategic update which will be provided with the announcement of the company's interim results."
Pendragon shares were 4.7% higher on Thursday at a price of 23.65 pence each.
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