Around 750 jobs are being axed at online used car seller Cazoo as it looks to cut costs by more than £200million by the end of next year.
The British group, which is listed in America, plans to slash its workforce by about 15 per cent.
The bulk of the job cuts will be across its 4,000-strong UK employee base. The group has around 5,000 staff in total.
Job cuts: UK-based online used car seller Cazoo, which is listed in America, plans to slash its workforce by about 15%
Cazoo said: ‘The company is not immune to the rapid shift in the global economy and the possibility of a recession in the coming months.
‘As a result, management’s expectations for the full year are now more cautious, reflecting the weaker and uncertain external environment.’
The company, founded by chief executive Alex Chesterman in 2018, said it will also lower marketing spend and put back some planned investment projects among other cost cutting.
It expects to sell 70,000 to 80,000 vehicles in the full year. This is down on previous guidance but would be up to 130 per cents higher year-on-year.
It expects revenues of between £1.4billion and £1.5billion.
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