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Online retailer Cazoo flagged up to the New York Stock Exchange its need to raise more money from investors in 2024.
In a filing on Monday, it highlighted the risks facing the company it said it may not be able to raise money on acceptable terms.
“We have limited liquidity and will need to raise additional capital before the beginning of the second half of 2024 in order to satisfy our liquidity needs going forward, as well as to pursue our business objectives and to capitalize on business opportunities, and there is no assurance that we will be able to raise the necessary capital on terms acceptable to us or at all.”
It added: “We expect to continue to be impacted by the challenging UK and global macroeconomic environment, which could adversely impact our ability to sustain revenue growth consistent with the past, or at all, over the next twelve months.”
The statement follows an earlier announcement that it had 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.