Cazoo quits Europe to get back on the road to profit | Business
Cazoo is to exit all markets but Britain as the online used car retailer tries to reverse heavy losses after a 95 per cent collapse of its shares.
After a month-long strategic review, it shelved ambitions to dominate Europe. Its withdrawal from Germany, Spain, France and Italy marks a rapid retreat for a business that had expanded into the four markets in the past year.
Alex Chesterman, founder and chief executive, said it was a “tough decision” designed to preserve cash and put Cazoo on the road to profitability.
The move comes 12 months after Cazoo went public in New York via a $7 billion blank cheque merger, the biggest ever stock market debut of a British business on Wall Street. At the time