Cazoo filings signal intent to appoint administrators

By 2 Min Read

Retailer Cazoo is set to appoint administrators following its difficulty in finding emergency funding.

Amongst its SEC filings the latest business update states that in respect of some subsidiaries of Cazoo Group, notices of intention to appoint administrators were filed.

Cazoo has been transparent with regards to the difficulties it has faced in becoming an online-only retailer.

The group announced it was pulling out of used car sales and moving into the marketplace model to compete in March this year.

At the start of May, Cazoo issued a statement to the New York Stock Exchange (NYSE) giving an update on its current trading position.

Cazoo said that it needed to raise more money to remain viable in the medium to long term and that it was also late in filing its accounts.

The marketplace was negotiating the termination of leases, to try and sell customer service centres to third parties and dispose of unwanted assets.


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