Motorpoint could be poised for a £240 million stock market float as soon as the end of the week.

The Derby-based car supermarket operator is expected to be valued at between £190m and £240m when shares are marketed as soon as this Friday, according to reports in the Evening Standard.

City sources are said to have informed the newspaper that 100 million shares will be offered, with prices ranging from 190p to 240p.

Motorpoint is currently the UK’s largest independent car retailer, with ten car supermarket sites across the UK – the latest addition in Castleford, West Yorkshire.

Founded in 1998 by David Shelton, the operation is still wholly owned by the 63-year-old but the business is driven by chief executive Mark Carpenter, who joined in 2011.

Motorpoint currently employs more than 600 people and generated revenues of £563 million in the year ended March 2015, up 19% on the year before when it made £473m.

The Evening Standard said that cash generated by the stock market floatation had already been earmarked for an expansion into the south of the UK and invested in its online operations to combat the likes of Auto Trader.