Pendragon to sell two JLR dealerships in California for £60m

Pendragon has struck deals to sell off two Jaguar Land Rover dealerships in California for £60m as part of its strategy announced two years to pull out of the US.

The group has sold Mission Viejo to Lithia Motors for £29m in cash and Newport Beach for £31m. Lithia Auto had previously bought Pendragon’s Aston Martin business in the US for £3.1m.

 Pendragon said it continued to push ahead with plans to dispose of other assets in the US as part of the strategy.

“The transactions are in line with the company’s stated strategy of disposing of its US Motor Group.

 “The intended application of the sales proceeds, expected to be received in Q3, will be announced as part of the strategic update which will be provided with the announcement of the company’s interim results.

 Pendragon has been through the grinder in recent months with the retirement of CEO Trevor Finn. Last month the company said it was carrying out a review of company operations as the group turned in underlying pre-tax losses of £2.8m in the three months to 31 March.

 The results of the review will be released in June and a strategic update will be provided with the interim results.

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