Image source, Getty Images
- Author, Michael Race
- Role, Business reporter, BBC News
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Online used car retailer Cazoo has fallen into administration, after cutting hundreds of jobs as part of a big restructuring.
Cazoo became popular during the Covid pandemic when restrictions forced car buyers to browse and make their purchases online.
But the loss-making company has been struggling to raise money from investors, and in March changed its model from being a dealer, where it bought and sold cars itself, to a marketplace where consumers can buy and sell cars.
That move has led to 728 redundancies, administrators Teneo said, after being appointed to try to find a buyer for the business.
Teneo said the firm’s 208 remaining staff would be retained for the time being during the administration process.
It is a dramatic fall from grace for the business, which surged in popularity during the pandemic and subsequent lockdowns.
Back in 2021, if you hadn’t used Cazoo, you probably would have seen or heard of it. Its branding was splashed everywhere, with…
