The company, launched in 2018 by Zoopla founder and serial entrepreneur Alex Chesterman, has cut 728 jobs since the start of March after launching dramatic cost-cutting efforts to stay afloat. However, it has now appointed administrators from Teneo, who will seek to sell off Cazoo’s remaining marketplace business.
After the company’s launch, it grew rapidly but significant losses were reported in recent years as it invested heavily in marketing and sponsorships, such as sponsor deals with Aston Villa and Everton football clubs. Last year, Cazoo cut hundreds of jobs and axed its used car markets in the European Union in a bid to improve its finances.
This story is from the May 22, 2024 edition of The Independent.
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This story is from the May 22, 2024 edition of The Independent.
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