Pendragon to restructure
08 September 2019
Pendragon is in discussions with restructuring advisers, three months after pausing the process following the departure of chief executive Mark Herbert. He had been in the role for three months after taking over from founder Trevor Finn.
A “couple of firms” are among the troubled retailer’s list of potential restructuring advisers, including Alvarez & Marsal, according to The Telegraph.
Mr Herbert announced the initial review days into his new role. A ‘preliminary action plan’ was completed in early June ahead of a more detailed plan in September. Mr Herbert resigned two weeks later, reportedly because of disagreements with the board about the scale of change required.
A Pendragon spokesman told The Telegraph that several firms were consulted about an “operational costs review of the business… following the departure of the previous chief executive, that process was put on hold”.
Last month, Pendragon, which has issued several profit warnings over the past two years, announced its H1 results will be announced on 18 September, rather than its traditional date in early August.