Online used-car retailer Cazoo has announced that it will pull out of Continental Europe in a bid to save cash and become a profitable business.
It intends to begin an “orderly wind down” of German and Spanish operations and is currently in discussions with representatives in France and Italy. UK operations will continue, however.
Following a month-long review of its business on the continent, the firm anticipates that the move will save more than £100 million – including winding-down costs – and that it will accelerate its progress towards profitability.
