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Pendragon's California dreaming.

Pendragon, the UK's largest car dealership group, has acquired the business and assets of two Land Rover dealerships in Southern California for a total of pounds 8.6 million.

The Nottingham company, which has dealerships throughout the UK and announced the acqusition yesterday, said pounds 6.60 million of the total represented goodwill.

Both businesses operate from leasehold properties in Mission Viejo and Newport Beach, and had an unaudited operating profit for the twelve-month period to December 31 of pounds 1.76 million on a turnover of pounds 39.3 million. Net assets of the acquired businesses are approximately pounds 2 million.

The acquisition strengthens Pendragon's relationship with Land Rover worldwide and will be immediately earnings enhancing.

Trevor Finn, chief executive of Pendragon said: 'The expansion of Pendragon's business in the US has proved very successful.

'The new Land Rover dealerships, which are located in an extremely affluent territory in Southern California will add to this success.'
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Title Annotation:Business
Publication:The Birmingham Post (England)
Date:Feb 25, 2003
Words:157
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