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Pendragon sells off two Jaguar Land Rover dealerships in California

The disposals of the showrooms in Newport Beach and Mission Viejo are part of Pendragon’s plan to get out of the US market
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Pendragon will receive £60mln for the pair of dealerships

Pendragon PLC (LON:PDG) shares nudged higher on Thursday morning after agreeing to sell off a couple of Jaguar Land Rover dealerships in California.

The dealership in Mission Viejo is being sold to US group Lithia Motors for £29mln, while a showroom in Newport Beach has been offloaded to US Auto Trust for £31mln.

Mission Viejo was valued in Pendragon’s books at £24.6mln and generated an underlying profit of £0.9mln last year.

The Newport Beach site had a value of £42.9mln and turned an underlying profit of £6.0mln in 2018.

Pendragon said the disposals were part of its strategy to get out of the US market.

Shares edged 0.9% higher to 22.8p in early deals on Thursday.

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