Fleet News

Cendant denies UK subsidiaries are for sale

CENDANT Corporation has dismissed as 'unsubstantiated rumours', speculation that it is planning to sell its subsidiaries Green Flag, National Parking Corporation and PHH Vehicle Management. Cendant has suffered well publicised financial troubles in the United States after a series of acquisitions, and is understood to be concentrating on its core businesses of hotel and real estate franchising.

These sit awkwardly alongside the company's UK motoring operations, which were dealt a blow when the Monopolies and Mergers Commission blocked Cendant's bid for RAC Motoring Services. The sale of NPC and Green Flag (acquired last year for £801 million) and PHH would certainly give the troubled Cendant a welcome cash injection.

But Rosemary Wells, strategic director of marketing at Swindon-based Cendant Business Answers, said talk of selling the three companies - reported in the Sunday Telegraph - was 'unsubstantiated rumours'. And a London-based spokesman for Cendant Corporation said: 'The businesses are not for sale. We are not seeking buyers.'

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