Shares in Pendragon closed 1.3% up on Wednesday (January 23) after Swedish investment company Anders Hedin Invest bought a 9.24% share in the AM100’s former number one retail group.

Combined with shares acquired by the firm’s owner, Anders Hedin, the Swedish business now holds a 9.35% share of Pendragon.

Shares in Pendragon closed up 1.3% at 23.80p on Wednesday following the move which came just a week after European investment firm Teleios Capital Partners increased its share in Pendragon from 17% to more than 21%.

The developments follow Pendragon chief executive Trevor Finn’s announcement in December that he would officially retire from the business at the end of March 2019.

News of Finn’s departure came within weeks of an announcement that Tim Holden will also be standing down officially, from his role as finance director, in March.

Holden will be succeeded by Mark Willis.

Speculation in the City suggests that a play for ownership of Pendragon may be about to unfold.