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Pendragon to sell U.S. Motor Group business

LONDON (Reuters) – British car dealership Pendragon (PDG.L) is to sell its U.S Motor Group business after concluding a strategic review, it said on Monday.

The firm, which warned on profit in October, said early indications from its adviser were that the group could anticipate proceeds in excess of 100 million pounds ($134.3 million) before tax for the business.

“Given the strong performance of this division, we have concluded it is economically right to sell the business at this time to realize its value,” said Pendragon.

($1 = 0.7447 pounds)

Reporting by James Davey; editing by Kate Holton

Our Standards:The Thomson Reuters Trust Principles.

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