Pendragon owned Statstone dealershipPendragon owned Statstone dealership


Hedin Group increases stake in Pendragon and becomes largest shareholder

  • Hedin Group AB increases stake in Pendragon to 23.2 per cent
  • It means Hedin is now the largest shareholder
  • Anders Hedin ‘looks forward’ to working ‘constructively’ with Pendragon board

Time 3 weeks ago

Hedin Group AB has increased its stake in dealer group Pendragon, becoming the largest shareholder.

In a notification to the London Stock Exchange, Pendragon announced Hedin Group AB has increased its stake to 23.2 per cent.

It means the Swedish automotive group is now the largest shareholder in Pendragon.

Pendragon is the third most profitable UK car dealer group according to our inaugural Car Dealer Top 100 list, and owns the well-known Evans Halshaw and Stratstone brands.

In a statement, Anders Hedin, owner of Hedin Group, said: ‘Since Hedin Group first become a shareholder in January 2019, we have supported Pendragon in its mission to regain its position as the leading automotive retail business in the UK and we are pleased with the positive steps the company has taken this year.

‘Management’s strategy and the recent appointment of an independent chairman are encouraging developments from which positive momentum can be built.’

Earlier this year Hedin Group launched a revolt against current CEO Bill Berman’s proposed multi-million-pound pay deal, but in the announcement of his company’s increased stake in Pendragon, Hedin said: ‘We are supportive of the management and look forward to work constructively with the board to continue with Pendragon’s success, to the benefit all stakeholders.’

In July, Pendragon said it was revising its pre-tax profit guidance upwards and expects to make between £55m and £60m, up from the £45m-£50m prediction it gave in June.

In 2020, Pendragon made a pre-tax profit of £8.2m for the full year.

Late last year, it was revealed former Pendragon boss Trevor Finn had been appointed as a non-executive director of Hedin Group AB, just as the Swedish business had acquired all shares in Ford Motor Company’s Swedish subsidiary.

James Batchelor's avatar

James – or Batch as he’s known – started at Car Dealer in 2010, first as the work experience boy, eventually becoming editor in 2013. He worked for Auto Express as editor-at-large and was the face of Carbuyer’s YouTube reviews. In 2020, he went freelance and now writes for a number of national titles and contributes regularly to Car Dealer.

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