Firm recently abandoned signature home-delivery service in favour of Autotrader-like classifieds website
Online car retailer Cazoo has appointed administrators following months of uncertainty around the cash-strapped business which saw it abandon its signature home-delivery service to set up an Autotrader-rivalling classifieds website. Insolvency firm Teneo will oversee the sale of the Cazoo Group Ltd’s three businesses, Cazoo Holdings Ltd, Cazoo Properties Ltd and Cazoo Ltd.
After the three firms are sold, Cazoo Group Ltd, which is currently listed on the New York Stock Exchange, will be put into voluntary liquidation by its directors, Teneo said. Administration has been looming over the car retailer – founded in 2018 with a promise of “simple and seamless” car buying – for months after bosses had burned through £1.4 billion of investors’ cash and was still haemorrhaging money. As such, it restructured to a marketplace focus, with the loss of 728 jobs.
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