To help save cash, Cazoo could pull out of some markets after it posted a huge £243 million loss in the first half of the year. Cazoo is a British company and expanded into Europe as part of a grand plan to conquer the digital used car market. However, the company might need to revert back to operating in the UK only as it needs to stop losing money.
Earlier this month, founder and CEO Alex Chesterman spoke to investors and said that Cazoo needs to focus on what’s important. One potential option it has is to close down its operations in Europe, in France, Germany, Italy, Portugal and Spain.
Cazoo has been losing a lot of cash for the past few years. In the first six months of 2022, the company lost £243 million. The same period in 2021, that loss was at £102 million. In total in 2021, Cazoo lost £550 million.