Cazoo has sold its German subscription company Cluno just two years after acquiring it, in the used car marketplace company’s latest retreat from the European market.
The sale to ViveLaCar and The Platform Group for an undisclosed sum follows Cazoo’s announcement last September that it is withdrawing from Europe to solely focus on the UK market.
According to Cazoo, Cluno has “several thousand cars in the German market”. ViveLaCar will acquire all of its branding, assets, capital and voting rights in the deal.
Cluno’s employees will move to ViveLaCar and as a result, makes Cazoo’s Europe exit “now largely complete”.
This month London-based but US-listed Cazoo go ahead with the previously announced reverse stock split and expansion of its authorised share capital.
After missing its projected targets in its financial results in January, Cazoo founder Alex Chesterman resigned as CEO, with COO Paul Whitehead set to replace him in April.
Cazoo’s scaling back has remained a priority since last year when it laid off 750 staff in June and a further 750 in September.
However, it did go on to report a record UK quarter with revenues of £347m in October and 18,889 unit sales.
The pullback comes a year after Cazoo sold a £465m portion of its business to fund its growth in Europe.
