BUSINESS LIVE: Pendragon to sell UK motor and leasing unit

British paper and packaging firm Mondi has agreed to sell its largest plant in Russia to a unit of Sezar Group, a Moscow-based real estate development firm, for 80 billion roubles (£666million) in cash.

The announcement comes about three months after the company scrapped a 95 billion rouble deal to sell Mondi Syktyvkar to an investment vehicle owned by Russian billionaire Viktor Kharitonin due to a ‘lack of progress’ in getting approvals.

Heineken has snapped up a minority stake in Ellie Goulding’s cocktail-in-a-can brand.

Served, which was created by the British songstress in 2020 alongside entrepreneur brothers Dean and Ryan Ginsberg, produces premade mojitos and pina coladas, as well as alcoholic sparkling water Hard Seltzer – priced at around £3 per can.

The partnership with the Dutch brewing giant will help Served grow in Britain’s ‘ready to drink’ product market, which was worth an estimated £866m in 2022, the firm said.

British automotive retailer Pendragon is set to sell its entire UK motor and leasing businesses to Lithia UK Holding for a gross aggregate consideration of £250million.

Bill Berman, chief executive of Pendragon said:

‘Pendragon has built one of the UK’s leading automotive retailing businesses, underpinned by a market leading dealer management system, the quality of our people, long-standing relationships with OEMs and excellent execution for customers.

‘The Pendragon Board considers Lithia to be perfectly placed to build on this progress.

‘The launch of Pinewood as a standalone company is a unique and exciting opportunity to create a best-in-class product for customers, which we can market globally and drive substantial value for our shareholders and in Lithia we have the perfect partner to help accelerate Pinewood’s push into the hugely attractive North American DMS market.’