LONDON, UK: Motorpoint Group PLC, the UK’s leading independent omnichannel vehicle retailer, has successfully completed the sale and leaseback of its freehold branch in Stockton on Tees.
Cash proceeds from the sale total £5m (excluding VAT), and Motorpoint simultaneously entered into a 25-year lease (with tenant only break points) at an initial rent of £350k per annum. This resulted in no gain or loss for the Group.
The net proceeds of the sale further strengthen the Group’s balance sheet and will be used to invest in the Group’s stated strategic priorities.
In addition, the Group is pleased to announce that it has reached an agreement with its lenders to further increase its available stocking facility by £30m to a total of £195m (and up from £106m at FY22 half year), providing enhanced vehicle buying flexibility.
Mark Carpenter, CEO of Motorpoint, said: “We are pleased to have agreed both the sale and leaseback of our Stockton branch and a further increase in our stocking facilities. Both transactions provide further firepower for us to invest in future growth strategies across multiple initiatives in line with our strategy.”
Motorpoint is the UK’s leading independent E-commerce led omnichannel vehicle retailer, focused on giving retail and trade customers the easiest, most affordable and seamless way of buying, selling and financing their car whether online, in-store or a combination of both.
Through its leading B2C platform Motorpoint.co.uk and UK network of 17 sales and collection branches, the Group provides an unrivalled offering in the nearly new car market, where consumers can effortlessly browse, buy or finance their next car and collect or have it delivered directly to their homes.
Motorpoint’s purely online wholesale platform Auction4Cars.com sells vehicles into the wholesale B2B market that have been part exchanged by retail customers, or purchased directly from them by the Group as part of its online car buying service. Motorpoint’s diversified business model, underpinned by its established brand, industry leading technology and sophisticated marketing infrastructure, always delivers the best value, choice, quality and service for customers. The Group is proud to have been recognised for seven consecutive years as one of the Sunday Times’ Top 100 Best Companies to Work For.