Derby-based Motorpoint Group plc, the UK’s largest independent vehicle retailer, has today announced the completion of its Initial Public Offering (IPO). The IPO was supported by a £20 million funding package provided by Santander Corporate & Commercial, which will primarily be used to support Motorpoint’s site roll out programme as it expands into new locations around the UK.
Founded in 1998, Motorpoint’s principal business is the sale of nearly-new vehicles, the majority of which are up to two years old and which have covered less than 15,000 miles. It sells vehicles from brands representing over 95% of new vehicle sales in the UK, with models from Ford, Vauxhall, Volkswagen, Nissan, Hyundai, Audi and BMW being amongst the top sellers.
Motorpoint has built a compelling customer proposition around choice, value and service. It operates from 10 retail sites across Great Britain together with a national call-centre dealing with online enquiries, and plans to add a new site at Oldbury near Birmingham in summer 2016.
The five-year £20 million funding provided by Santander, includes a full service banking proposition, as well as international ancillary products.
James Gilmour, CFO, Motorpoint Group plc, said: “We have very ambitious plans for growth and expansion, and the funding from Santander will be integral in helping us deliver our strategy. The bank has taken particular efforts to understand our business, build a facility that supports us on our next stage of development and provide excellent support throughout the process. We look forward to working with Santander in the years ahead.”
Joe Duane, Relationship Director, Santander Corporate & Commercial, said: “Motorpoint has developed very strongly through the focus on its value based pricing model, broad choice of brands and very high levels of customer service. We are delighted to have been given the opportunity to support the management team throughout this process and to deliver a funding package that helps support their ambitions now and in the future.”
ENDS
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Notes to editors
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