Used car supermarket Motorpoint’s trading ‘encouraging’ but CFO steps down to pursue other interests

Time 1 year ago

Listed used car supermarket group Motorpoint’s chief financial officer James Gilmour has stepped down as the company said trading has been ‘comfortably ahead’ of last year.

Despite the pandemic, the 13-site car supermarket group has seen encouraging performance at its sites – but said it is too soon to predict what will happen next.

In the announcement to the Stock Market this morning ahead of the AGM at 10am, the group back tracked on a resolution to reelect Gilmour – who was instrumental in the company’s float in 2016 – as he has tendered his resignation to ‘pursue other business interests’.


CEO Mark Carpenter said: ‘Our trading and operational performance since the reopening of our retail estate has been encouraging, with the team back to their best across the business.  

‘While there is considerable uncertainty around the pandemic’s future impact on trade, I am confident that our market leading omni-channel proposition is strong and will continue to deliver market share gains.

‘I would also like to take this opportunity, on behalf of the board, to thank James for his significant contribution to Motorpoint’s success over the past five years.

‘He helped to prepare the group for and deliver its successful IPO and leaves behind a strong finance team and business going from strength to strength. 

‘It has been a pleasure to work alongside James and I wish him the very best with his future endeavours.’

A search for Gilmour’s successor is already underway and he will remain with the group to ensure there is an ‘orderly transition’.

Chairman Mark Morris will tell the AGM this morning that trading over the last 11 weeks has been ahead of last year.

Morris added: ‘The board has been encouraged by this momentum, which has been achieved across the group’s combined customer channels including its 13 retail sites, online channel and its Home Delivery proposition.  

‘Supply of stock and margin remains strong.

‘In light of the significant uncertainty which remains as a result of the pandemic and the sustainability of any recovery in consumer confidence, it remains too early to reinstate guidance at this stage. 

‘However, the board believes that Motorpoint is very well positioned to build on the opportunities in the year ahead.’

James Baggott's avatar

James is the founder and editor-in-chief of Car Dealer Magazine, and CEO of parent company Baize Group. James has been a motoring journalist for more than 20 years writing about cars and the car industry.

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