Cazoo
 | |
| Company type | Public |
|---|---|
| NYSE: CZOO | |
| Industry | |
| Founded | 2018 |
| Founders | Alex Chesterman |
| Headquarters | , United Kingdom |
Key people | |
Number of employees | 1,000 |
| Website | cazoo |
Cazoo is a British online car retailer based in London, England. It was founded in 2018 by Alex Chesterman but went into administration in May 2024.
History[edit]
Cazoo was founded in 2018 by British internet entrepreneur Alex Chesterman. It launched an online marketplace for used cars in December 2019, which became its primary business.[1]
It is based in the UK but listed on the New York Stock Exchange following a merger with a special-purpose acquisition company, led by hedge fund manager Dan Och in August 2021. As of its listing the company had a valuation of US$8 billion. It subsequently lost over 97% of its market value, causing Alex Chesterman to step down as CEO in January 2023.[2]
In 2021 Cazoo had expanded internationally, launching used car marketplaces in Germany and France, and in early 2022 expanded briefly into Italy and Spain.[3] After announcing redundancies in the UK in June 2022, in September 2022, Cazoo announced it would abandon its business in the European Union, closing its operations in France, Germany, Italy and Spain and making all 750 of its EU employees redundant, leaving only its UK operation in business.[4]
UK redundancies were announced in March 2023 when 15 out of 22 showrooms were closed.[5] A year later, in March 2024, the company stopped buying and selling cars and closed its remaining showrooms, aiming to become purely an online market place; the move meant 728 redundancies. On 21 May 2024, Cazoo went into administration putting 208 remaining jobs at risk of redundancy.[6]
Sponsorship[edit]
Cazoo sponsored the Welsh Rugby Union,[7] a number of annual horse races in Epsom and Doncaster,[8] cricket tournament The Hundred,[9] various events managed by the World Snooker Tour,[10] and the PGA European Tour.[11] Consequent on the company's announced retrenchment to the UK market in September 2022, Cazoo's sponsorships of European football clubs for the 2022–23 season, including Aston Villa, Olympique de Marseille, SC Freiburg, Valencia CF, Lille OSC, Bologna FC and Real Sociedad were being wound down.[12]
References[edit]
- ^ Browne, Ryan (2 October 2020). "UK start-up Cazoo doubles valuation to $2.6 billion as car sales shift online amid pandemic". CNBC.
- ^ Mustoe, Howard (2023-01-18). "Cazoo founder steps down after 97pc collapse in value". The Telegraph. ISSN 0307-1235. Retrieved 2023-01-18.
- ^ "Cazoo Launches in Spain". Business Wire. 12 May 2022. Retrieved 12 May 2022.
- ^ Guardian, 9 September
- ^ Sharpe, Tom (7 March 2023). "Cazoo axes 15 customer centres from website as closures get the go-ahead". AM-Online. Retrieved 21 May 2024.
- ^ Race, Michael (21 May 2024). "Online car retailer Cazoo enters administration". BBC News. Retrieved 21 May 2024.
- ^ "Cazoo becomes principal partner of WRU - Welsh Rugby Union". 3 June 2021.
- ^ "Cazoo is the new headline sponsor for classic St Leger Stakes horse race in Doncaster". Doncaster Free Press. ISSN 0962-872X. Retrieved 2021-05-20.
- ^ "Cazoo named Principal Partner of the Hundred".
- ^ "Cazoo launches partnership with World Snooker Tour". Cazoo. 2 February 2021.
- ^ Jackson, Keith (8 June 2021). "European Tour announces multi-year sponsorship deal with Cazoo". Sky Sports. Retrieved 4 August 2021.
- ^ "Marseille and Real Sociedad to lose Cazoo deals with brand winding down European sponsorships". 9 September 2022.