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Used car supermarket Motorpoint is gearing up for a flotation on the stock market worth a reported £240m.
The Derby-based business was doing the rounds of City institutions as it prepared for a listing, according to a report in the Evening Standard.
Funds raised could help with the roll out of Motorpoint outlets. It now has 10 supermarkets having added Castleford in April and Birtley in Tyne and Wear in December 2015 to existing outlets in Birmingham, Burnley, Chingford, Derby, Glasgow, Newport, Peterborough and Widnes
Motorpoint is owned by David Shelton who formed the company in 1998. It is run by Mark Carpenter who joined the company in 2011 as finance director before landing the top job in April 2013.
In the past he was an ex-group finance director with Sytner and a former audit manager with Arthur Andersen. He is rated 47 in the Motor Trader Top 50 Movers & Shakers in motor retailing.
This is not the first time that reports have merged of a Motorpoint flotation. In December last year Sky reported that the group is working with financial advisory group Rothschild on a listing.
Motorpoint is rated number one in the Motor Trader Top 50 Independent Dealers with annual turnover of £551.2m in the year to March 2015 with annual car sales of 41,375.
The used car sector is attracting a lot of attention from car dealers who want a bigger slice of the action. Pendragon the UK’s largest group has plans to grow a network of 40 Car Stores over the next few years.