- US firm Lithia completed the £397 million takeover of Pendragon in February
- Are you affected by the CarStore closures? Email shannon.mcguigan@mailonline.co.uk
A major car dealership is shuttering 16 branches across the UK whilst hundreds of jobs are set to be axed.
CarStore, which was bought from Pendragon by US firm Lithia in recent months, announced 250 of its employees will be given the boot.
Whilst 16 sites will be closing their doors for the final time, four CarStore branches will also be re-franchised, The Sun reports.
Seven of CarStore's pods are also set to be transformed into Evan Halshaw Direct Sites.
The US company announced they would be closing the stores to focus their efforts on their two other car dealership brands - Evan Halshaw and Stratstone.
A spokesman for Lithia said: 'Following the acquisition and ongoing merger, we have carried out an initial review across the group.
'As a result of which, we will be going into consultation with a number of our colleagues around potential redundancies.
'All colleagues have been notified today, to explain how they may be impacted.'
They continued: 'We will be closing nine CarStore sites and seven CarStore pods this quarter in order to focus on Evans Halshaw and Stratstone.
'Four CarStore sites will be retained and re-franchised, expanding our retail operations with three existing carmakers, while seven remaining CarStore pods will become Evans Halshaw Direct sites.'
Regional president of Lithia UK, Neil Williamson told Motor Trader: 'The bringing together of Pendragon and Jardine Motors Group under Lithia & Driveway has illustrated the synergies across these two great businesses.
'We are committed to growing in the most efficient way possible as we move through 2024.'
This comes only months after Lithia completed their £397 million acquisition of CarStore, Evans Halshaw and Stratstone from Pendragon.
Pendragon were estimated to previously have around 5,500 in the UK, according to the Mirror.
Evans Halshow deals ten car brands, including Ford, Hyundai, Kia, Nissan, Peugeot, Renault, Vauxhall, Dacia, DS and Citreon.
Stratstone holds dealership for BMW, BYD, Ferrari, Genasis, Land Rover, Jaguar, Aston Maring, Mercedez-Benz, Mini, Porsche and Smart.
Lithia - the US company which bought the car dealership branches - has 340 dealerships dotted around North America.
The US firm is also became the owner of Jardine Motors dealership group in 2022.
Swedish motor firm, Hedin Group, had previously offered to buy Pendragon for £400 million in September 2022 - but no sale came to fruition.
Owner of Hedin Group, Andres Hedin owned over a quarter of Pendragon shares but cut ties with the business a month following their partnership with Lithia, according to The Sun.
US firm PAG International also confirmed they had severed ties with Pendragon following the Lithia takeover.
https://news.google.com/rss/articles/CBMib2h0dHBzOi8vd3d3LmRhaWx5bWFpbC5jby51ay9uZXdzL2FydGljbGUtMTMzNDQwMjMvY2FyLWRlYWxlcnNoaXAtY3V0LTI1MC1qb2JzLWNsb3NlLTE2LXNpdGVzLWZpcm0tdGFrZW92ZXIuaHRtbNIBc2h0dHBzOi8vd3d3LmRhaWx5bWFpbC5jby51ay9uZXdzL2FydGljbGUtMTMzNDQwMjMvYW1wL2Nhci1kZWFsZXJzaGlwLWN1dC0yNTAtam9icy1jbG9zZS0xNi1zaXRlcy1maXJtLXRha2VvdmVyLmh0bWw?oc=5
2024-04-24 08:44:09Z
CBMib2h0dHBzOi8vd3d3LmRhaWx5bWFpbC5jby51ay9uZXdzL2FydGljbGUtMTMzNDQwMjMvY2FyLWRlYWxlcnNoaXAtY3V0LTI1MC1qb2JzLWNsb3NlLTE2LXNpdGVzLWZpcm0tdGFrZW92ZXIuaHRtbNIBc2h0dHBzOi8vd3d3LmRhaWx5bWFpbC5jby51ay9uZXdzL2FydGljbGUtMTMzNDQwMjMvYW1wL2Nhci1kZWFsZXJzaGlwLWN1dC0yNTAtam9icy1jbG9zZS0xNi1zaXRlcy1maXJtLXRha2VvdmVyLmh0bWw
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