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Motorpoint, the UK’s largest supermarket which floated on the London stock market last month, has bought a supermarket site at Oldbury near Birmingham for an undisclosed sum. The site is expected to be operational in July 2016.
The Oldbury site, which is approximately five acres and is located just off junction 2 of the M5, will stock 500 used cars and will have access to Motorpoint’s further 5,500 car stock.
This acquisition complements the group’s existing West Midlands site at Aston Cross and brings its total number of sites to 11.
Mark Carpenter, chief executive of Motorpoint, said: “We are delighted to have completed this acquisition as the Motorpoint brand has proved extremely popular across the West Midlands since we launched our Birmingham site three years ago.
“The new site will give even more people the opportunity to experience our compelling customer proposition, combining choice, value and service.”
Motorpoint floated on the stock market in May with a market capitalisation of £200m, raising £100m for MP Group Holdings which is owned by Motorpoint founder David Shelton and other members of the management team.
Motorpoint is rated number one in the Motor Trader Top 50 Independent Dealers survey. Its pre-tax profits in the year to 31 March 2016 rose 77.9% to £16.9m on turnover up 29% to £729m. The group sold 52,400 vehicles during the period, an increase of 11,000 vehicles.