Cazoo Group in Talks to Restructure Debt to Achieve Profitability
May 22 2023 - 05:30PM
Dow Jones News
By Sabela Ojea
Cazoo Group said Monday it is in talks with noteholders to
restructure its debt as it explores additional strategic
transactions to accelerate its path to profitability.
The online car retailer aims to improve its capital structure
going forward, reduce its debt and lower aggregate interest cost
per year, it said, noting it has completed its exit from the
European Union.
Additionally, Cazoo said it expects to close the second quarter
with a record high retail gross profit per unit of GBP1,200, up 20%
from the first quarter and up from GBP309 for the same period a
year earlier.
"In April, we achieved our highest ever level of retail GPU,
ahead of the record result delivered in March, giving us confidence
in our ability to maintain sustainable Retail GPU improvement
through the remainder of the year and beyond," Chief Executive Paul
Whitehead said.
The company's outlook for the year remains unchanged, Cazoo
added.
Write to Sabela Ojea at sabela.ojea@wsj.com
(END) Dow Jones Newswires
May 22, 2023 17:15 ET (21:15 GMT)
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