Completion of sale of Puente Hills, California

PENDRAGON PLC - Completion of sale of Puente Hills, California

PR Newswire

London, February 11

Pendragon PLC("Pendragon" or the "Company")

Completion of Sale of Puente Hills, California

Further to the announcement on 16 August 2019 concerning the disposal of certain dealerships from the US Motor Group, Pendragon is pleased to announce the sale of its Chevrolet motor vehicle dealership in Puente Hills, California. 

The transaction duly completed on 10 February 2020 with the purchaser, JBR Automotive Inc., replacing the purchaser previously announced (in accordance with the mechanism outlined in our 16 August 2019 announcement), and following the fulfilment of all closing conditions with total proceeds for the Company valued at £16.5m. In all other respects, there has been no significant change affecting any matter contained in the earlier announcement.

The transaction is in line with the Company’s stated strategy of disposing of its US Motor Group and work on the remaining disposals continues.