Cazoo, an online used automobile retailer, has gone into administration after slashing hundreds of jobs as part of a major reorganization.
Cazoo gained popularity during the COVID epidemic, when regulations compelled automobile buyers to browse and make purchases online.
However, the loss-making company has struggled to get funds from investors, and in March transformed its business model from a dealer that bought and sold automobiles to a marketplace where customers may buy and sell vehicles.
Teneo, the administrators who were hired to find a buyer for the business, said the decision resulted in 728 redundancies.
Teneo stated that the company’s remaining 208 employees would be kept for the time being during the administration process.
