Administrators close to Cazoo deal
It has been reported that used car platform Motors.co.uk could be close to acquiring the marketplace division of Cazoo from its administrators.
Cazoo plunged into administration last year and administrators Teneo have already offloaded a number of its divisions, including its wholesale arm to G3.
Cazoo was set up by Alex Chesterman and when it was listed in 2021 its valuation rose above £8bn. However, he left the company recently after the company underwent a programme of debt restricting.
Platform model
Meanwhile, Cazoo has also switched to a platform model which is claimed to have seen inventory rise to more than 15,000 cars.
The company said last month that its restructure has significantly reduced ‘the cash burn of the group’ and established it as the only online platform in the UK buying and selling cars under a single brand.
It said:
“Our new marketplace model, where consumers can both buy and sell cars, is revenue-generating and performing ahead of expectations with interest from almost 100 car dealers including many household names wishing to trade on the Cazoo platform.”
