Around 750 jobs are being axed at online car seller Cazoo across the UK and Europe as it looks to cut costs by more than £200 million by the end of next year. The British group, which is listed in America, has said it plans to slash its workforce by about 15% and also slow down on hiring new staff under a major cost-savings drive, as it warned over recession fears and consumer cut backs.
Cazoo did not give a breakdown of where the jobs will go, but it is understood the bulk will be across its UK operations – its biggest division – as well as in its European bases in Germany, France and Italy. The group said the “business realignment” was needed to protect profits in the face of tougher economic times.
But it also comes as firms such as Cazoo have seen online car sales dwindle as pandemic restrictions have been lifted, with used car dealer Carzam collapsing late last week.
