Pendragon turns panicky, axes staff due to economic slowdown
The big UK businesses have started falling victim to economic slowdown which is going from bad to worse as the global oil prices continue to shoot up without any respite.
Pendragon, UK’s largest car dealer group, has been forced to cut down its existing strength of staff by 500. The announcement was made in the car dealer group’s pre-closing statement to the stock exchange. Rumours about the eminent staff reduction were going round the industry since few weeks.
The group is predicting adverse impact of economic slowdown on its business in the current year and explained that decision to reduce staff was one of the many measures it has undertaken to minimise fixed costs. It went on to add that company is trying to limit the impact of difficult and competitive trading conditions prevailing in the global market.
Pendragon is not in position to forecast current year’s profit in the volatile market, though it claimed that business is continuing to be profitable and cash generative.
As per the company’s trading statement, fall in new car registrations in May was 9.5 per cent and for small business users it was 15.4 per cent. The trend is likely to continue in June.
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