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Joint Administrators David Soden and Matthew Mawhinney of Teneo Financial Advisory Limited have been appointed to Cazoo Ltd, Cazoo Holdings Limited, and Cazoo Properties Limited.
Matt Mawhinney, joint administrator, said: “Following Cazoo’s decision to pivot to a Marketplace model, the Group has been winding down its legacy operations and sold a substantial number of its businesses and assets.
“These sales have generated additional value for creditors, preserved a significant number of jobs, and ensured that leases have been transferred to new operators to mitigate losses to landlords.
“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.”
To optimise returns, the administration filing marks the next step in the restructuring of the business. The Joint Administrators will continue discussions with new and existing parties with the aim of concluding a sale over the coming weeks.
728 redundancies were made following a full consultation process between 1 March and 17 May.
Cazoo does not hold any customer deposits and all customer vehicle deliveries have been completed. Customers with extended warranties are not expected to be impacted.