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Pendragon PLC has released an update on its strategic objectives following a review of capital allocation of premium brands sites.

The document signaled the group’s intention to reduce premium brand franchise locations over a three year period. In doing so Pendragon expects to release £100m in capital through a mixture of disposal proceeds and investment not deployed.

The group aims to raise a further £100m before tax, through the sale of its US Motor Group, and has appointed a sell-side adviser to advance the disposal.Pendragon has retained its objective to double used car revenue by 2021.

Trevor Finn, Chief Executive commented,”Following our strategic review, we have focussed on reshaping the business to accelerate transformation and ensure capital allocation is optimised across the group. The actions I am announcing today are a further step towards achieving our strategic objectives. I believe this strategy will provide more reliable and sustainable returns.”

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