Car dealer Pendragon says buyout talks terminated

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Jessica Thompson

Jessica Thompson, a 35-year-old automotive enthusiast and mother of two, co-founded CarGirls.ca to empower and educate women about the automotive world. Jess's passion for cars started in her father's garage, learning the mechanics of automotive repair. With a degree in Mechanical Engineering, Jess has extensive expertise in automotive design and technology. She enjoys attending car shows, racing her custom-built Mustang, and teaching her kids about car maintenance. Jess is dedicated to inspiring and supporting women in their automotive journeys.

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Car dealer Pendragon said on Friday talks over a potential takeover of the company were terminated after the bidder withdrew its interest, as one of the company’s five major shareholders did not participate.

The company did not disclose the identity of the bidder, who was looking to offer about 460 million pounds ($558.35 million) for the company.

Pendragon, which ranked No. 9 among Europe’s largest dealer groups last year, has been making big profits thanks to strong demand for used cars and pent-up sales after lockdown restrictions were lifted.

However, the company warned in March that the Russia-Ukraine conflict could disrupt new-vehicle supply chains and lead to higher costs.

Sky News in March reported that Hedin Group, Pendragon’s largest shareholder, tabled an offer to buy the company which was later rejected.