Carzam ‘running out of road’
11 May 2022
Carzam has been “scrambling to find a buyer” in recent weeks – without success, according to The Sunday Times.
In November 2021, it claimed to have raised £112m from New York hedge fund Davidson Kempner; however, this was as debt, not equity. The funds were to help quickly scale the business.
Co-founder Peter Waddell, chairman Andy McCue and chief executive Kirk O’Callaghan, who joined from Sytner’s CarShop in February 2021, have all departed in recent weeks. However, Companies House still lists Mr Wadell as a ‘person with significant control’ along with fellow co-founder John Bailey.
Mr Waddell is now focusing on his Big Motoring World business. It is claimed he has fallen out with Mr Bailey. Neither wants to put more money in, it is understood.
Mr Waddell will maintain his shareholding in Carzam but will not be involved in running the business. It is understood he invested half the £50m used to start the business at the end of 2020.
Carzam was set up in 2020 to challenge Cazoo and Cinch. In 2021, it sold 13,500 cars, with turnover of nearly £150m. It earlier stated expectations to sell more than 40k cars in 2022, with revenue topping £500m.
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Carzam 
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