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Economic Development

Merger talks between Lookers and Pendragon stopped at an 'early' stage

Pendragon said the move would have proven 'beneficial'

Pendragon trades under names including Evans Halshaw(Image: Manchester Evening News)

Talks over a merger between two huge car retail firms have been stopped at an "early" stage, it's been revealed.

The discussions would have seen listed firms Greater Manchester-based Lookers merge with Nottingham-based Pendragon to discuss the "potential benefits of a combination of the two businesses and how this could be attractive to both sets of shareholders".

But the East Midlands firm today issued a statement saying while it believed the move would have proven "beneficial", the talks have now stopped.

Sky News has reported that Lookers "snubbed" the approach from Pendragon.

In April, Pendragon, the second-largest motor retailer in the 海角视频, furloughed the majority of its staff and introduced pay cuts for senior staff to protect itself against the Covid-19 crisis.

Since then, the business, which owns Stratstone, Evans Halshaw, Car Store, Pinewood, Quickco and Pendragon Vehicle Management, has been operating with a reduced workforce.

In March, the business showed significant losses of £117.4 miillion after tax - almost £70 miillion more than last year when it lost £50.5 miillion.

A Pendragon statement said: "The company confirms that it held outline discussions with Lookers suggesting they might explore the potential benefits of a combination of the two businesses and how this could be attractive to both sets of shareholders.