After a £32.2m pre-tax loss, today, Pendragon announces to close 22 of its 34 UK-wide sites and 1 of 3 vehicle preparation centers in Stoke.
Shares are down below 10p after failing this year, comparing to shares at nearly 50p in 2016.
Leaving 12 Car Stores, the company said: “Economic and market conditions are very challenging. The heightened political and Brexit uncertainty, as to both outcome and timing, is adversely affecting customer confidence.
“We are not anticipating any improvement in this for the rest of our financial year and are closely monitoring market conditions and customer behaviour particularly during the important trading month of September.”
Chris Chambers, Pendragon’s Non-executive Chairman, is due to step down on 1st October 2019, while Bill Berman (Pendragon’s Non-executive Director) will assume the role as Executive Chairman on an interim basis.
For more information, head over to BBC News.