Online car seller Cazoo has confired it has gone into administration, with hundreds of jobs already cut.
The company appointed administrators from Teneo, who will look to sell of Cazoo’s remaining marketplace business. The firm said it will retain Cazoo’s 208 remaining staff during the administration process.
The car seller was founded in 2018 by entrepreneur Alex Chesterman. Since the start of March, it has cut 728 jobs following severe cost-cutting efforts.
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Matt Mawhinney, joint administrator at Teneo, said: “Following our appointment, we continue to progress discussions with a number of interested parties on the marketplace business and remaining customer collections centres.
“The marketplace model is performing ahead of expectations, with strong dealer sign up, and the administration appointment provides us with an opportunity to secure a sale of the business over the course of coming weeks.”
While the company itself was founded in the UK, it has been listed in New York since 2021 with a valuation of roughly £5 billion.