Carzam goes bust
06 June 2022
Carzam has folded 18 months after being founded by Peter Waddell and John Bailey. Administrators were appointed as it entered voluntary receivership last Tuesday. It comes six months after Carzam said it had raised £112m from a New York hedge fund believed to be Davidson Kempner. The money took the form of debt not equity.
It has been reported the founders had fallen out and were not prepared to invest further in Carzam.
In a reply to a LinkedIn post, Mr Waddell, who remains CEO of Big Motoring World, said “we tried it for the sale [sic] of car dealers as [Cazoo founder] Alex Chesterman said all car dealers were terrible”.
Mr Waddell is reportedly “in great spirits” and investors indicate there is a bigger story to come out.
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