Cazoo EU Exit Complete Following Sale of Cluno in Germany
May 15 2023 - 4:05PM
Business Wire
Cazoo Group Ltd (NYSE: CZOO) (“Cazoo” or “the Company”), the
UK’s leading independent online car retailer, which makes buying
and selling a car as simple as ordering any other product online,
today announces the completion of the sale of its German
subscription business, Cluno GmbH, to ViveLaCar GmbH and The
Platform Group GmbH & Co. KG. The financial terms of the
transaction were not disclosed.
The agreement includes 100% of the capital and voting rights of
the company Cluno GmbH and the Cluno brand along with the
associated assets. All employees of Cluno have transferred to
ViveLaCar GmbH as part of the agreement. This transaction, together
with previously announced sales and winddown of other businesses
and assets in Europe, concludes the withdrawal of Cazoo from
mainland Europe.
About Cazoo – www.cazoo.co.uk
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 ViveLaCar – www.vivelacar.com
ViveLaCar GmbH is a mobility fintech company from
Stuttgart/Germany and part of the Platform Group GmbH & Co. KG
in Wiesbaden. ViveLaCar is changing the automotive business and
creating added value for all stakeholders with innovative
solutions. The focus is on significantly improving the added value
of automobiles, conserving resources, and creating a perfect user
experience for customers. VALOR®, the business application
developed by ViveLaCar, maximizes revenues for dealers and offers
customers the perfect car subscription. As a contract partner,
ViveLaCar guarantees barrier-free, 100% digital processing, as well
as the highest levels of customer service always. A few clicks is
all it takes to access a wide range of the latest vehicles of many
different brands and models on the platform www.ViveLaCar.com, for
which subscriptions can be taken out. ViveLaCar is already
available in Germany, Austria and Switzerland and is running white
label car subscription platforms for BMW, MINI, Hyundai, Renault,
and Mercedes Benz AG.
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 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
our business realignment plan, the winddown of operations in
mainland Europe, the revised 2023 plan, and other cost-saving
initiatives; (2) reaching and maintaining profitability in the
future; (3) global inflation and cost increases for labor, fuel,
materials and services; (4) geopolitical and macroeconomic
conditions and their impact on prices for goods and services and on
consumer discretionary spending; (5) having access to suitable and
sufficient vehicle inventory for resale to customers and
reconditioning and selling inventory expeditiously and efficiently;
(6) availability of credit for vehicle and other financing and the
affordability of interest rates; (7) increasing Cazoo’s service
offerings and price optimization; (8) effectively promoting Cazoo’s
brand and increasing brand awareness; (9) expanding Cazoo’s product
offerings and introducing additional products and services; (10)
enhancing future operating and financial results; (11) achieving
our long-term growth goals; (12) acquiring and integrating other
companies; (13) acquiring and protecting intellectual property;
(14) attracting, training and retaining key personnel; (15)
complying with laws and regulations applicable to Cazoo’s business;
and (16) other risks and uncertainties set forth in the sections
entitled “Risk Factors” and “Cautionary Note Regarding
Forward-Looking Statements” in the Reports on Form 20-F filed with
the U.S. Securities and Exchange Commission (the “SEC”) by Cazoo
Group Ltd on March 30, 2023 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/20230515005790/en/
Investor Relations: Cazoo: Anna Gavrilova, Head of
Investor Relations, investors@cazoo.co.uk ICR: cazoo@icrinc.com
Media: Cazoo: Lawrence Hall, Group Communications
Director, lawrence.hall@cazoo.co.uk Brunswick: Chris
Blundell/Simone Selzer +44 20 7404 5959 /
cazoo@brunswickgroup.com
ViveLaCar Investors contact: Mathias Albert,
Founder and CEO ViveLaCar, mathias.albert@vivelacar.com
Media Stephan Lützenkirchen, Communications Director
ViveLaCar, Stephan.luetzenkirchen@vivelacar.com
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