Carwow sheds a fifth of staff
30 November 2022
Carwow, the largest online new car sales portal in the UK, Germany and Spain, has cut a fifth of its staff to preserve cash. New vehicle interest is declining, said founder James Hind, and customers with long waiting times are cancelling orders due to economic concerns.
Around 70 jobs will be lost across the three countries.
Despite the cutbacks, Hind is positive. The company, he said, has raised £57m this year, giving it “ample cash… to get to profitability… even assuming that next year is a bad year for supply”.
In the year ended December 2021, Carwow Ltd lost £13.5m before tax, up from a £6.5m loss in 2020. Last year’s turnover grew from £22.5m to £36.5m.
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