Cazoo is on the brink of falling into administration after struggling to secure emergency funding to address its mounting losses. The used-car business launched by the Zoopla entrepreneur Alex Chesterman has filed for protection from its creditors as it seeks to stave off a full insolvency.
The New York-listed company has issued a notice of intention to appoint administrators at the High Court to secure ten days protection from creditor claims, and said in a statement that options for the business included filing for administration or winding up the company.
Cazoo was founded by Chesterman, the technology entrepreneur behind Zoopla and LoveFilm, in 2018, and it listed on the New York Stock Exchange at a valuation of $7 billion in August …
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