There is strong interest in Cazoo’s marketplace operations, with the used car sales platform owner Cazoo Group having filed its intention to appoint Teneo as its administrator.
Cazoo Group had floated in New York three years ago but had spent vast sums on sponsorship deals in a concerted effort to gain market share. Last month it announced that it was to restructure and has since sold off its vehicles. It also closed its European operations. A deal was done with competitor Cinch, which has taken over some of Cazoo’s vehicle collection sites with a number of Cazoo employees transferring as part of the transaction. This leaves the business with around 1000 employees.
If the business now enters administration it will be the brand, marketplace operation and IP assets that would attract bidders.
According to a Sky Business News report a Cazoo spokesperson has said: “We are making efforts to secure the next phase of our business and are grateful to our employees for their hard work and commitment.”
Cazoo founder Alex Chesterman became chairman of the business in January 2023, leaving in December 2023. Paul Whitehead had replaced Chesterman as CEO but has also left the business.
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