Restructuring events
European Restructuring Monitor (ERM)
The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Pendragon, the British motor retailer has announced restructuring plans that will lead to 1,800 jobs, almost a quarter of its UK workforce, being cut. Pendragon said it would close 15 of its 165 showrooms, the majority of which are loss-making, with 400 job losses. It is expected that further a 1,400 roles would be made redundant at the company’s head office and at its dealers when a review of its operations, which started in 2019, is completed.
The company’s chief executive said the restructure would lead to a new operating model and 'a resilient, leaner and more profitable business' that is better able to face the challenging circumstances in the wake of the COVID-19 pandemic.
Pendragon owns UK car dealerships selling new and used cars, vans and trucks under several brand names, including Evans Halshaw and Stratstone. Pendragon’s announcement follows news of job cuts at Lookers, another leading UK-based car retailer.
Eurofound (2020), Pendragon, Internal restructuring in United Kingdom, factsheet number 101911, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/101911.