Pendragon poaches Ten Entertainment's Mark Willis as new FD

Car dealer Pendragon said on Monday that Tim Holden will step down as finance director at the end of next March after 11 years at the company and will be succeeded by Ten Entertainment's Mark Willis.

The company, which owns the Stratstone car dealerships, said the effective date of Willis' appointment will be confirmed at a later date. He joins from Ten Entertainment, where he has been chief financial officer since taking the company through its IPO in April 2017.

Prior to that, Willis worked at Home Retail Group, including roles as Argos finance director, director of group finance and investor relations director.

Chief executive officer Trevor Finn said: "Mark brings a breadth of financial and commercial experience combined with strategic and operational expertise, and is ideally suited to take Pendragon through the next phase of its transformation."

Pendragon reported a drop in third-quarter sales and profit last week as it took a hit from new emissions standards.

In its results for 1 July to 25 October, the company posted a 6.4% slump in total group revenue, with like-for-like revenue down 7.2% amid a decline in UK motor used and new revenue. LFL used revenue was down 6.3%, while new revenue slid 9.1% as the new Worldwide Harmonised Light Vehicle Test Procedure caused disruption. Meanwhile, LFL revenue in aftersales fell 2.9%.

At 1040 BST, the shares were up 1.1% to 26.55p.