STRUGGLING Reg Vardy owner Pendragon unveiled a significant loss alongside a three-year financing package yesterday, after talks were sealed in time to beat a deadline for annual results.

The car group, which also owns the Stratstone and Evans Halshaw brands, said the agreement with lenders on a £530m loan facility gave it “necessary headroom” ahead of what it expects will be another difficult year.

The conclusion of the discussions meant the Nottingham firm – which bought Sunderland- based Reg Vardy for £506m in 2006 – was able to meet today’s City deadline for the filing of results for last year.

As previously indicated, the company confirmed the extent to which it has been affected by the motor industry downturn by racking up bottom-line losses of £200m and a deficit of £29.6m when excluding one-off items.

It has responded to the crisis by closing or selling 53 dealerships, as well as removing more than 3,000 jobs in a £60m cost reduction programme.

Pendragon said in order to secure the new financing it will have to pay “considerably more” in fees. However, it ruled out the need for a fundraising cash call to shareholders.