looking at the sale of its software business, Pinewood, in an
attempt to shore up its finances.
The troubled car retail company is said to have appointed the
advisory firm Arden Partners to oversee a strategic review of the
business, which makes Pinnacle, the back-office management software
that is licensed to dealers, distributors and fleet operators.
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The business could be worth up to £60 million, according to
analysts, and Pendragon is considering whether to sell or seek a
stock market listing for the company, which could provide it with
cash to reduce its debt.
Last year, Pinewood made profits of £8 million on sales of £21
million.
Pendragon has already taken steps to improve its financial
situation this year, having closed 75 dealerships and cut its
workforce by one fifth.
The company is likely to confirm the review of its Pinewood
business in a statement to the London Stock Exchange this week.
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