Vertu Motors has confirmed that it is in discussion with a number of parties over the acquisition of “a number of BMW dealerships” following speculation that Inchape is set to sell a number of sites.
Pendragon will rebrand and restructure its Car Store used car division while driving digital innovation in a new growth strategy which it hopes will deliver an underlying profit before tax of £85m to £90m by 2025.
The AA has become a potential takeover target as it looks to raise funds to re-balance its books in light of a £2.65 billion debt.
Lookers has requested that the listing of its ordinary shares be temporarily suspended, pending publication of its 2019 annual financial results.
Lookers is preparing to shake-up its board of directors in the search for ‘new skills and experience’ to guide the AM100 car retail group through the next phase of its development.
HM Treasury has appointed the current chief executive of London Stock Exchange Nikhil Rathi as the new permanent chief executive of the Financial Conduct Authority (FCA).
Lookers will close a further 12 car dealerships and cut its employee headcount by up to 1,500 as part of a restructure plan aiming to make annual savings of £50 million.
Vertu Motors declared an intention to add new manufacturer partners as it grows through acquisition in a 2019 results statement following its first two days of showroom trading since the COVID-19 lockdown.
Caffyns has praised its employees' response to the COVID-19 crisis as “outstanding” as it revealed the mitigation measures taken by the business in a trading update published this morning (May 27).
Vertu Motors’ director have asserted that the group has sufficient liquidity to exit the COVID-19 coronavirus lockdown and “capitalise on trading opportunities” in an interim trading statement.
Lookers will expand its internal fraud investigations to its entire business after initial findings from one of its operating divisions resulted in an expected one-off charge of over £4 million in its 2019 financial results.
Pendragon has announced that 20% of chief executive Bill Berman’s pay will be donated to the NHS as employees across the group were furloughed and took wage cuts during the COVID-19 coronavirus lockdown.
Auto Trader’s board will forego at least half of their wages as many staff become “furloughed workers” as part of its COVID-19 coronavirus impact mitigation measures.
Auto Trader will suffer April losses of up to £7 million in a bid to help car retailers mitigate the impact of coronavirus by axing its April fees and deferring March payments for 30 days.
Lookers’ chief operating officer Cameron Wade has resigned his post with immediate effect as share prices at the AM100 car retail group declined to a record low.
Lookers has revealed that it will delay the publication of its 2019 annual financial results after finding evidence of potentially fraudulent transactions in one of its operating divisions.
Vertu Motors chief executive Robert Forrester suggested that the AM100 PLC will growth through the strong “pipeline of potential acquisition opportunities” in a trading update from the AM100 PLC.
Pendragon has completed the £16.5 million sales of its Chevrolet dealership in Puente Hills, California, to JBR Automotive six months after agreeing the sale to another car retail group.
Pendragon has claimed that its performance “improved significantly” during the second half of 2019, as it carried out the closure of 22 of its nationwide Car Store used car dealership sites.
Lookers has appointed former HBOS chief information officer Heather Jackson as a non-executive director of the company with effect from today (November 25).
