CarSupermarket’s new owner raises £333m as it floats days after huge Hull deal

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The European used car retailer behind the buy-out of Hessle-headquartered Motor Depot has immediately followed this week’s huge deal with the largest listing of its type in two years.

Aramis Group has raised £333 million from its float on Euronext Paris, just days after the undisclosed buy-out of the 20-year-old business behind the UK-focused CarSupermarket brand.

More than 10 million new shares were issued raising £214 million, with founders and existing minority shareholders selling existing shares for a further £118 million. It could rise by a further £50 million if there is a full take-up of options.

Proceeds will be used to support the acquisitions made to grow the brand from France across Spain, Belgium and now the UK, with the funding having come from Stellantis, the carmaker created by the merger of France’s Groupe PSA and Italian American group Fiat Chrysler.

It gives Aramis a market capitalisation of £1.6 billion.

In a joint statement, Nicolas Chartier, chairman and chief executive, and Guillaume Paoli, deputy chief executive, said: “We are thrilled by the success of Aramis Group’s IPO. This is a strong vote of confidence from investors in our strategy and in the relevance of our positioning in the fast-growing online used car market.

“The funds raised in this transaction will allow us to increase our financial flexibility and support our European development and expansion strategy in high-potential geographies.

“Finally, this is a significant milestone in the history of the group. We would like to thank Stellantis, as well as our new shareholders and our teams, who are all committed to helping us becoming Europe’s preferred digital platform to buy a used car.”

Trading began today, with settlement and delivery of shares anticipated on Monday – a week after the Motor Depot deal was done.

Aramis is behind the Aramisauto, Cardoen and Clicars brands on the continent.

Motor Depot was launched 20 years ago by the Wilkinson family, initially in Hull’s Clarence Street, adding Hessle in 2005. From 2013 onwards it embarked on a major expansion.

Now it operates as Motor Depot in Grimsby, Hull, Scunthorpe, Sheffield and Worksop, with the Car Supermarket brand in Barnsley, Birmingham, Hessle, Lincoln, Newcastle, Preston and Stoke.

More than 400 staff are employed, with a substantial head office function in Hessle and preparation centres in Goole and Hull. Last year it turned over £226 million.