Cazoo Sells Its Spanish Subscription Business
December 15 2022 - 8:00AM
Business Wire
Cazoo Group Ltd (NYSE: CZOO) (“Cazoo” or the “Company”), the
UK’s leading online car retailer, which makes buying and selling a
car as simple as ordering any other product online, has sold its
Spanish subscription business, Swipcar, to Renting Finders S.L. The
financial terms of the transaction were not disclosed.
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Cazoo Single Car Transporter (Photo:
Business Wire)
The disposal is a further step in Cazoo’s withdrawal from
mainland Europe as part of its strategy to focus exclusively on the
UK market. The agreement includes the sale of 100% of the shares of
Swipcar 2017, S.L., along with the Swipcar brand and associated
assets. Cazoo has now sold its assets in and exited from both the
Spanish and Italian markets and expects to have largely concluded
its withdrawal from France and Germany by the end of the year.
About Cazoo - www.cazoo.co.uk
Cazoo is the UK’s largest independent used car retailer. Our
mission is to transform the car buying and selling experience
across the UK by providing better selection, value, transparency,
convenience and peace of mind. Our aim is to make buying or selling
a car no different to ordering any other product online, where
consumers can simply and seamlessly buy, sell or finance a car
entirely online for delivery or collection in as little as 72
hours. Cazoo was founded in 2018 by serial entrepreneur Alex
Chesterman OBE and is a publicly traded company (NYSE: CZOO).
About Renting Finders – www.rentingfinders.com
Vehicle leasing marketplace based in Spain and Portugal. It has
4,000 customers and a team of 40 people located in Madrid and
Lisbon. It allows you to compare and contract the best leasing
service digitally without any type of commission.
Forward-Looking Statements
This communication contains “forward-looking statements” within
the meaning of the “safe harbour” provisions of the Private
Securities Litigation Reform Act of 1995. The expectations,
estimates, and projections of the business of Cazoo Group Ltd
(“Cazoo”) may differ from its actual results and, consequently, you
should not rely on forward-looking statements as predictions of
future events. These forward-looking statements generally are
identified by the words “believe,” “project,” “expect,”
“anticipate,” “estimate,” “intend,” “strategy,” “future,”
“opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,”
“will continue,” “will likely result,” and similar expressions.
Forward-looking statements are predictions, projections and other
statements about future events that are based on current
expectations and assumptions and, as a result, are subject to risks
and uncertainties. Many factors could cause actual future events to
differ materially from the forward-looking statements in this press
release, including but not limited to: (1) the implementation of
and expected benefits from Cazoo’s business realignment plan, the
winddown of its operations in mainland Europe and other cost-saving
initiatives; (2) realizing the benefits expected from the business
combination (the “Business Combination”) with Ajax I; (3) achieving
the expected revenue growth and effectively managing growth; (4)
executing Cazoo’s growth strategy in the UK; (5) achieving and
maintaining profitability in the future; (6) global inflation and
cost increases for labor, fuel, materials and services; (7)
geopolitical and macroeconomic conditions and their impact on
prices for goods and services and on consumer discretionary
spending; (8) having access to suitable and sufficient vehicle
inventory for resale to customers and reconditioning and selling
inventory expeditiously and efficiently; (9) availability of credit
for vehicle financing and the affordability of interest rates; (10)
increasing Cazoo’s service offerings and price optimization; (11)
effectively promoting Cazoo’s brand and increasing brand awareness;
(12) expanding Cazoo’s product offerings and introducing additional
products and services; (13) enhancing future operating and
financial results; (14) acquiring and integrating other companies;
(15) acquiring and protecting intellectual property; (16)
attracting, training and retaining key personnel; (17) complying
with laws and regulations applicable to Cazoo’s business; (18)
successfully deploying the proceeds from the Business Combination
and the issuance of $630 million of convertible notes to an
investor group led by Viking Global Investors; and (19) other risks
and uncertainties set forth in the sections entitled “Risk Factors”
and “Forward-Looking Statements” in the Reports on Form 6-K filed
with the U.S. Securities and Exchange Commission (the “SEC”) by
Cazoo Group Ltd on June 9, 2022 and September 8, 2022 and in
subsequent filings with the SEC. The foregoing list of factors is
not exhaustive. You should carefully consider the foregoing factors
and the disclosure included in other documents filed by Cazoo from
time to time with the SEC. These filings identify and address other
important risks and uncertainties that could cause actual events
and results to differ materially from those contained in the
forward-looking statements. Forward-looking statements speak only
as of the date they are made. Readers are cautioned not to put
undue reliance on forward-looking statements, and Cazoo assumes no
obligation and does not intend to update or revise these
forward-looking statements, whether as a result of new information,
future events, or otherwise. Cazoo gives no assurance that it will
achieve its expectations.
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version on businesswire.com: https://www.businesswire.com/news/home/20221214005808/en/
Cazoo Investor Relations: Robert Berg, Director of
Investor Relations and Corporate Finance, investors@cazoo.co.uk
ICR: cazoo@icrinc.com
Media: Lawrence Hall, Group Communications Director,
lawrence.hall@cazoo.co.uk Brunswick: Chris Blundell/Simone Selzer
+44 20 7404 5959 / cazoo@brunswickgroup.com
Renting Finders Media Raquel Muñoz Yagüe
raquel@rentingfinders.com
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