Closing post
Time to wrap up…. Here are today’s main stories:
As feared this morning, online car retailer Cazoo has collapsed into administration.
The online car retailer has appointed Teneo as administrators, who will now try to sell its remaining assets.
Matt Mawhinney, joint administrator at Teneo, says:
“Following our appointment, we continue to progress discussions with a number of interested parties on the marketplace business and remaining customer collections centres.
“The marketplace model is performing ahead of expectations, with strong dealer sign up, and the administration appointment provides us with an opportunity to secure a sale of the business over the course of coming weeks.”
#Breaking Online car retailer Cazoo said it has appointed administrators, putting more than 200 jobs at risk pic.twitter.com/ZVKpNCMjay
— PA Media (@PA) May 21, 2024
Cazoo currently employs 208 staff, having laid off more than 700 in recent weeks.
