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<h2>LIVE BUSINESS: Pendragon to sell engine and leasing unit in UK</h2>
<p class="author-section byline-plain">By live comments </p>
<p class="byline-section"><span class="article-timestamp article-timestamp-updated"> <span class="article-timestamp-label">Updated:</span> 03:04 EDT, September 18, 2023 </span> </p>
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<p class="mol-para-with-font">The FTSE 100 will open at 8am Companies with reports and trading updates today include Pendragon, Mondi, Phoenix Group, S4 Capital, Majestic and BP Marsh. Read the Business Live blog from Monday 18 September below.</p>
<p class="mol-para-with-font">> If you are using our app or a third-party site, click here to read Business Live</p>
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<h2 class="postItemTitle_1WqUGhNH">Wilko raises High Street job losses to 100,000<br />
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<p class="embedParagraph_1I1nW9oF">Figures from the Center for Retail Research (CRR) highlight the magnitude of the crisis that has affected the industry since the pandemic.</p>
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<p class="embedParagraph_1I1nW9oF">Debenhams and Philip Green’s Arcadia empire – which included Topshop – were among the high-profile victims.</p>
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<p class="embedParagraph_1I1nW9oF">In Wilko, up to 12,500 jobs could be permanently lost. Although rivals B&M and Poundland have bought a total of 122 stores, staff are unsure what will happen. The Range bought Wilko’s brand and website, but only saved 36 jobs in the digital team.</p>
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<div class="embed-dm-image_32IWLKV6"><a target="_blank" href="https://www.thisismoney.co.uk/money/markets/article-12529037/Wilko-pushes-High-Street-job-losses-100-000.html" rel="noopener"></a></div>
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<h2 class="postItemTitle_1WqUGhNH"> Mondi will finally get rid of the Russian plan</h2>
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<p class="embedParagraph_1I1nW9oF">British paper and packaging company Mondi has agreed to sell its largest plant in Russia to a unit of Sezar Group, a Moscow-based property development company, for 80 billion rubles (£666 million) in cash.</p>
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<p class="embedParagraph_1I1nW9oF">The announcement comes about three months after the company scrapped a 95 billion ruble deal to sell Mondi Syktyvkar to an investment vehicle owned by Russian billionaire Viktor Kharitonin due to a “lack of progress” in obtaining approvals.</p>
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<h2 class="postItemTitle_1WqUGhNH">Heineken buys stake in Ellie Goulding’s cocktail can<br />
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<p class="embedParagraph_1I1nW9oF">Heineken has acquired a minority stake in Ellie Goulding’s canned cocktail brand.</p>
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<p class="embedParagraph_1I1nW9oF">Served, which was set up by the British singer in 2020 alongside entrepreneur brothers Dean and Ryan Ginsberg, produces pre-made mojitos and pina coladas, as well as hard seltzer sparkling water, priced at around £3 per can.</p>
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<p class="embedParagraph_1I1nW9oF">The partnership with the Dutch brewing giant will help Served grow in Britain’s ready-to-drink market, which is estimated to be worth £866 million in 2022, the company said.</p>
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<div class="embed-dm-image_32IWLKV6"><a target="_blank" href="https://www.thisismoney.co.uk/money/markets/article-12529019/Heineken-buys-stake-Ellie-Gouldings-cocktails.html" rel="noopener"></a></div>
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<h2 class="postItemTitle_1WqUGhNH">Pendragon to sell engine and leasing unit in UK</h2>
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<p class="embedParagraph_1I1nW9oF">British car retailer Pendragon will sell all of its UK motor and leasing businesses to Lithia UK Holding for an aggregate gross consideration of £250 million.</p>
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<p class="embedParagraph_1I1nW9oF">Bill Berman, CEO of Pendragon, said: </p>
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<p class="embedParagraph_1I1nW9oF">‘Pendragon has built one of the UK’s leading automotive retail businesses, backed by a market-leading dealer management system, the quality of our people, long-standing relationships with OEMs and excellent execution for customers. </p>
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<p class="embedParagraph_1I1nW9oF">‘The Pendragon Board believes that Lithia is perfectly placed to take advantage of this progress. </p>
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<p class="embedParagraph_1I1nW9oF">‘Launching Pinewood as an independent company is a unique and exciting opportunity to create a best-in-class product for customers, which we can market globally and generate substantial value for our shareholders, and in Lithia we have the perfect partner to help accelerate Pinewood’s entry into the hugely attractive North American DMS market.’</p>
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<p class="mol-style-italic byline-section justify">Some links in this article may be affiliate links. If you click on them, we may earn a small commission. That helps us fund This Is Money and keep it free to use. We do not write articles to promote products. We do not allow any commercial relationship to affect our editorial independence.</p>
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<p><a href="https://whatsnew2day.com/business-live-pendragon-to-sell-uk-motor-and-leasing-unit/">BUSINESS LIVE: Pendragon to sell UK motor and leasing unit</a></p><!-- /wp:html -->
LIVE BUSINESS: Pendragon to sell engine and leasing unit in UK
By live comments
Updated: 03:04 EDT, September 18, 2023
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The FTSE 100 will open at 8am Companies with reports and trading updates today include Pendragon, Mondi, Phoenix Group, S4 Capital, Majestic and BP Marsh. Read the Business Live blog from Monday 18 September below.
> If you are using our app or a third-party site, click here to read Business Live
Wilko raises High Street job losses to 100,000
Figures from the Center for Retail Research (CRR) highlight the magnitude of the crisis that has affected the industry since the pandemic.
Debenhams and Philip Green’s Arcadia empire – which included Topshop – were among the high-profile victims.
In Wilko, up to 12,500 jobs could be permanently lost. Although rivals B&M and Poundland have bought a total of 122 stores, staff are unsure what will happen. The Range bought Wilko’s brand and website, but only saved 36 jobs in the digital team.
Mondi will finally get rid of the Russian plan
British paper and packaging company Mondi has agreed to sell its largest plant in Russia to a unit of Sezar Group, a Moscow-based property development company, for 80 billion rubles (£666 million) in cash.
The announcement comes about three months after the company scrapped a 95 billion ruble deal to sell Mondi Syktyvkar to an investment vehicle owned by Russian billionaire Viktor Kharitonin due to a “lack of progress” in obtaining approvals.
Heineken buys stake in Ellie Goulding’s cocktail can
Heineken has acquired a minority stake in Ellie Goulding’s canned cocktail brand.
Served, which was set up by the British singer in 2020 alongside entrepreneur brothers Dean and Ryan Ginsberg, produces pre-made mojitos and pina coladas, as well as hard seltzer sparkling water, priced at around £3 per can.
The partnership with the Dutch brewing giant will help Served grow in Britain’s ready-to-drink market, which is estimated to be worth £866 million in 2022, the company said.
Pendragon to sell engine and leasing unit in UK
British car retailer Pendragon will sell all of its UK motor and leasing businesses to Lithia UK Holding for an aggregate gross consideration of £250 million.
Bill Berman, CEO of Pendragon, said:
‘Pendragon has built one of the UK’s leading automotive retail businesses, backed by a market-leading dealer management system, the quality of our people, long-standing relationships with OEMs and excellent execution for customers.
‘The Pendragon Board believes that Lithia is perfectly placed to take advantage of this progress.
‘Launching Pinewood as an independent company is a unique and exciting opportunity to create a best-in-class product for customers, which we can market globally and generate substantial value for our shareholders, and in Lithia we have the perfect partner to help accelerate Pinewood’s entry into the hugely attractive North American DMS market.’
Share or comment on this article:
Some links in this article may be affiliate links. If you click on them, we may earn a small commission. That helps us fund This Is Money and keep it free to use. We do not write articles to promote products. We do not allow any commercial relationship to affect our editorial independence.
