The owner of the Evans Halshaw and Stratstone car dealerships has said it more than doubled its annual underlying profits last year but reduced its headcount by more than 650 staff.
Nottingham-based Pendragon, which closed or sold 25 franchises in 2010, reduced its staff headcount by 229 through redundancies and a further 422 through site closures.
The company, the UK’s largest independent operator of franchised car dealerships, said it would continue to review its 245 franchises for potential closure or sale.
Pendragon posted underlying pre-tax profits of £25.2 million in the year to December 31, compared to £10.1 million in 2009, after pulling in revenues of £3.6 billion, up from £3.2 billion the previous year.
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