11:41 am, September 25, 2023
Car dealer Pendragon has put aside recent uncertainty over its ownership to announce the opening of a new flagship BYD store in one of London’s most exclusive areas.
The showroom, which will operate under Pendragon’s Stratstone brand, is to open to customers later this week on Mayfair’s highly-desirable Berkeley Square.
It will join the group’s growing network of BYD dealerships, following other sites opening in Birmingham and Milton Keynes earlier this year.
The news comes after a dramatic week for Pendragon which saw a tug-of-war break out over the future of the group.
Last Monday, Car Dealer reported that American giant Lithia Motors had made a £280m bid to buy Pendragon’s car dealership businesses.
In response to that bid, the firm’s biggest shareholder – Hedin Group – teamed up with Synter-owner, Penske, to make their own offer.
Pendragon swiftly rejected the ‘‘undervalued’ and ‘unsolicited’ bid before the two firms returned with a second offer later in the week.
Speaking about the BYD news, Bill Berman, CEO of Pendragon, said: ‘We are delighted to bring BYD to this prestigious London location, right in the heart of Mayfair.
‘Accompanied by our BYD Birmingham and Milton Keynes locations, the addition of the Berkeley Square store gives customers the opportunity to experience these incredible EVs in person.
‘During our exclusive opening event, guests will be able to immerse themselves in all things BYD, underpinned by the class and sophistication that is synonymous with the luxurious Stratstone brand.
‘Customers will have the opportunity to arrange test drives and explore several vehicles from the BYD automotive range, while enjoying handcrafted cocktails and canapes from some of the most revered chefs in London.’
Timeline of Pendragon takeover talks
- March 19, 2022: Dealership giant Pendragon throws out secret £400m takeover bid by largest shareholder Hedin Group
- August 5, 2022: Pendragon takeover bid fails after major shareholder refuses to join talks
- August 13, 2022: Mystery bidder that tried to buy Pendragon named as US dealer group Lithia Motors but deal blocked by Hedin Group
- September 26, 2022: Pendragon begins talks with Hedin Group after fresh takeover bid
- September 27, 2022: Hedin Group declares it will block any rival bid for Pendragon
- September 29, 2022: Hedin performs U-turn and now won’t block rival bids for Pendragon
- October 24, Hedin and car dealer group Pendragon granted more time to discuss takeover bid
- December 9, 2022: Hedin Group withdraws offer to buy Pendragon
- June 16, 2023: Troubled hedge fund sells majority of its shares in Pendragon
- September 18, 2023: Lithia makes second bid for listed car dealer Pendragon with £280m offer
- September 18, 2023: Analysis: Why Hedin won’t be able to block Pendragon deal this time around
- September 20, 2023: Get-out clause for Lithia in Pendragon deal if 30 per cent of car makers don’t back deal
- September 20, 2023: Shock rival bid to buy Pendragon from Hedin and Sytner-owner Penske rejected
- September 22, 2023: Hedin and Penske make higher offer for car dealer group Pendragon after previous bid rejected
Ulez is increasing Londoner’s interest in EVs
Executives at BYD say they are thrilled to be partnering with Pendragon on the new premises and are looking forward to showing off the brand’s range of cars.
Michael Shu, general manager and managing sirector of BYD Europe and international cooperation division, said: ‘Following the launch of the BYD brand in the UK with the Atto 3 SUV and more recently Dolphin hatchback, the response from customers and dealers has been incredible.
‘We are now stepping up a gear by presenting further innovative new vehicles that feature cutting-edge electric vehicle technology.
‘The BYD Seal, which can be viewed at BYD Stratstone London before anywhere else, is the epitome of this being a technologically advanced sports saloon with premium features and high levels of standard equipment.’
Julie Fearnley, head of business at Stratstone BYD, added: ‘We look forward to welcoming motorists to Stratstone BYD London from later this week.
‘With the recent expansion of Ulez, we anticipate interest from those living and working in the capital to be high, as more drivers look to go electric.’
