Cazoo is cutting 750 jobs amid car market closures across Europe.
The online car retailer is axing its used car markets in the European Union.
Bosses said the company had taken the ‘tough decision’ to focus solely on its UK business and save more than £100million by shaving off the 15 per cent of its workforce in the EU.
Retreat: Cazoo bosses said they had taken the ‘tough decision’ to focus solely on its UK business and save more than £100m by shaving off 15% of its EU workforce
It plans to first wind down its operations in Germany and Spain, and is consulting with employee representatives in France and Italy over the closures.
Alex Chesterman, Cazoo founder and chief executive, said: ‘Given our target of reaching profitability by the end of next year, we have taken the tough decision to focus solely on the huge UK used car market, worth over £100billion annually.’
The closures will speed up its path to profitability and take away the need to raise extra funding to achieve this, Cazoo said.
The business declined to give details on the specific job impact for workers in the UK.
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