Online used car retailer Cazoo flagged that it might need to pull back from its mainland European operations back in August, but it has still come as shock to hear the company announce it will exit markets that it had barely started trading in.
Cazoo’s decision to leave Germany, Spain, France and Italy (with the latter two still under consultation with employees) illustrates the scale of the collapse of the investment climate for pre-profit start-ups.
And just how fevered it was before that collapse.
