Online car retailer Cazoo cuts 750 jobs by closing European marketplaces
Cazoo will cut 750 jobs by closing the car market across Europe.
The online car dealership is abolishing its used car markets in the European Union.
Bosses said the company had made the “tough decision” to focus solely on its UK operations and save more than £100m by cutting 15 per cent of its EU workforce.
Retreat: Cazoo bosses said they had made the ‘tough decision’ to focus solely on UK operations and save more than £100m by cutting 15% of EU staff
It plans to wind down its operations in Germany and Spain first and is in talks with employee representatives in France and Italy about the closures.
Alex Chesterman, founder and CEO of Cazoo, said: “Given our goal to be profitable by the end of next year, we have made the difficult decision to focus solely on the huge UK used car market, with an annual value of over £100 billion.’
The closures will accelerate the path to profitability and remove the need to raise additional funding to achieve it, Cazoo said.
The company declined to provide details on the specific impact on work for workers in the UK.