Car supermarket founder set to net £100m with firm’s flotation

MIDLANDS-based car supermarket is set to float on the main market of the London Stock Exchange, it has revealed this morning.

The deal, which will net co-founder of the firm David Sheldon £100m, will see shares start trading today at 200p a share – valuing the company at £200m.

Mark Carpenter, chief executive of Motorpoint, said: “This IPO represents a significant milestone in the Motorpoint journey and I am delighted to welcome our new shareholders to the register.

“As the largest independent vehicle retailer in the UK, with a differentiated, multichannel, disruptive business model and a compelling customer proposition built around choice, value and service, we believe that this listing on the LSE will provide the catalyst to take the company to the next stage of its growth.”

Established in 1998, Motorpoint operates from ten locations in Birmingham, Birtley, Burnley, Castleford, Chingford, Derby, Glasgow, Newport, Peterborough and Widnes. Motorpoint also operates a UK based call centre based in Derby. The company employs more than 600 people.