Pendragon in talks with lenders after reviewing finances

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The company's shares, which rose 43% over the past one week, were up 17% at 8.35 pence this morning.

"We are having discussions with lenders regarding changes to our loan agreements which would make them more appropriate for anticipated future trading conditions," the company said in a statement in response to a rise in its share price.

Pendragon's move to streamline its finances follows a similar strategy adopted by bigger rival Inchcape.

Inchcape had said in December it was in talks with its lenders for a possible change in its financing arrangements to weather a downturn in trading in 2009.