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

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