AN online car retailer has entered administration with more than 200 jobs at risk.
Cazoo has appointed Teneo as administrator after the firm stopped selling vehicles to the public in April.
Matt Mawhinney, joint administrator at Teneo, said: “Following Cazoo’s decision to pivot to a marketplace model, the group has been winding down its legacy operations and sold a substantial number of its businesses and assets.
“These sales have generated additional value for creditors, preserved a significant number of jobs, and ensured that leases have been transferred to new operators to mitigate losses to landlords.
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“Following our appointment, we continue to progress discussions with a number of interested parties on the marketplace business and remaining customer collections centres.
“The marketplace model is performing ahead of expectations, with strong dealer sign-up, and the administration appointment provides us with an opportunity to secure a sale of the business over the course of coming weeks.”
Cazoo, which was founded in 2018 by serial entrepreneur Alex Chesterman, has cut 728 jobs since the start of March after launching dramatic cost-cutting efforts in an effort to stay afloat.
The company was founded in the UK but listed in New York in 2021 – in a move deemed to be a blow for London at the time – with a valuation of around £5 billion.
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