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Cazoo has completed its debt restructuring programme and announced a new board. Under the restructuring bondholders agreed to swop $630m of debt for $200m of bonds plus and shares representing 92% of the company.
Paul Whitehead, CEO said: “I am delighted that we have now completed these transactions.
Cazoo launched only four years ago this week and has already sold almost 150,000 cars entirely online to consumers across the UK.
On behalf of the Company, I’d like to thank Alex Chesterman and the other retiring board members for their service and guidance since our foundation.
“Completion of these transactions represents a significant inflection point for Cazoo.
“I and the management team welcome the opportunity to work with the new board to deliver continued progress against our strategic goals of achieving profitable growth, while capturing a higher share of the UK used car market and exploring various strategic initiatives to complement our business model and brand.”
The new board is chaired by Tim Isaacs, Isaacs has supported companies across sectors including retail, healthcare, business services and industrials in board, executive and non-executive capacities.
The new directors are Alan J. Carr an investment professional with 20 years’ experience around financially distressed companies and Andrew Herd a chartered accountant, Nicholas Pike, a solicitor by profession and management consultant. Mary Reilly has served as a Cazoo director since February 2023.