Cazoo cuts one other 750 jobs
On-line automobile market Cazoo has stated it can lay off 750 jobs and withdraw its operations from Europe markets.
The job cuts add to a earlier layoff of 750 staff in June because of a “enterprise realignment plan”. Following its European exit, Cazoo will shift its total focus to the UK market.
Alex Chesterman OBE, founder and CEO, Cazoo stated: “Given our goal of reaching profitability by the tip of subsequent yr, we’ve taken the robust determination to focus solely on the massive UK used automobile market, value over £100bn+ yearly.”
Earlier this yr Cazoo bought a £465m stake to an investor group, to speed up its European growth.
Cazoo says that the Europe financial savings made will remove the necessity for further funding and permit it to be “money stream breakeven” earlier than the tip of 2023.
“The robust buyer demand we’re seeing within the core UK enterprise offers us excessive confidence sooner or later alternative and the choice we’ve taken at this time to withdraw from mainland Europe ensures that our stability sheet stays robust and that we’ve a plan which we consider now not requires any additional exterior funding.”
Based on the corporate, the exit from Europe will end in financial savings of greater than £100m by the tip of 2023, regardless of just lately launching its service in Italy. The corporate additionally operates in Germany, Spain and France.
Market Cazoo is a platform that enables folks to purchase, promote and finance automobiles. Rivals embody Carwow.
Originally posted 2022-09-14 12:22:50.