Cazoo selling delivery vans to Big Motoring World
15 March 2023
Cazoo is selling off its trademark delivery vans. The Sunday Times understands Big Motoring World has bought around 70 of them.
It comes as Cazoo seeks to conserve cash. It ended 2022 with £250m in the bank. Founder Alex Chesterman insisted a scaled-back business plan means it won’t have to raise more money over the next 18-24 months.
In contrast. Constellation boss Avril Palmer-Baunack said demand at Cinch had surprised her. “We’re having a very strong quarter.” It is on track to sell more than 70k cars this financial year, and more in 2023-24. Cazoo expects to sell 40-50k cars.
Cazoo achieved an $8bn valuation after floating in New York via a Spac. Shares have now plunged 99%, valuing it at $75m.
Last week, shares in Cazoo investor Molten Ventures plunged by almost a fifth following panic over the US Silicon Valley Bank. FTSE 350 firm Molten has a £150m debt facility with SVP.
As well as investing £9.9m in Cazoo, it has also invested in banking app Revolut, Trustpilot and Crowdcube.
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