Pendragon chair Filby to step down amid activist stress

The chairman of Pendragon, the London-listed automobile seller behind Evans Halshaw and Stratstone, is to step down after lower than two years amid rising stress from an activist investor.

Sky News has learnt that Ian Filby is to stop the corporate, with an announcement anticipated as early as Friday, when it phases its annual basic assembly.

A veteran Boots govt, Mr Filby took up the put up in November 2021 and has overseen a tumultuous interval together with a number of takeover bids from Pendragon’s greatest shareholder.

Mr Filby, whose final govt position was on the helm of DFS, the furnishings retailer, was additionally chairman of the style chain Joules when it collapsed into administration final yr.

Pendragon has seen its shares fall sharply because the collapse of a takeover strategy from Hedin Group, which owns greater than 20% of the corporate.

It has been hit with calls for for a boardroom shake-up from Palliser, a fund which has constructed a 4% stake within the firm.

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In March, Palliser wrote to Pendragon’s board in search of boardroom illustration, which has not been granted.

Mr Filby’s departure will come amid a spate of company exercise within the UK automobile dealership sector, with Lookers having agreed a £460m takeover this month, and Jardine Motors additionally lately being acquired.

Hedin’s aborted bid for Pendragon valued the corporate at 29p-a-share.

On Thursday, its inventory closed at 17.8p, giving the corporate a valuation of lower than £250m.

It was unclear on Thursday night whether or not Pendragon had a successor to Mr Filby lined up.

A Pendragon spokesman declined to remark.