Close Menu
I Really Like This Car
  • Automobile
  • Automotive
  • Design
  • Self Driving
  • Luxury
  • Supercar
  • EV
  • Motorcycle
  • Exclusives

Subscribe to Updates

Get the latest creative Articles from I Really Like this Car about Automotives & Supercars.

What's Hot

This Was The First Automobile Ever Powered By A Diesel Engine

June 1, 2025

2025 Frontline MGA review: Quick drive

May 31, 2025

Perodua QV-E name and logo trademarked in Malaysia – name revealed for brand new EV launching this yr?

May 31, 2025
Facebook X (Twitter) Instagram
I Really Like This Car
HOME Login
  • Automobile

    This Was The First Automobile Ever Powered By A Diesel Engine

    June 1, 2025

    2025 Frontline MGA review: Quick drive

    May 31, 2025

    Perodua QV-E name and logo trademarked in Malaysia – name revealed for brand new EV launching this yr?

    May 31, 2025

    In Rare Bit Of Good News, BMW M5 Station Wagon One way or the other Outselling The Sedan In The U.S.

    May 30, 2025

    2026 BMW i4 gets hotter M60 flagship, longer driving range

    May 30, 2025
  • Automotive

    Video: Full Review of the 2025 Corvette ZR1 Pins 1,000-HP Competitors : Automotive Addicts

    May 31, 2025

    Lloyd Motor Group acquires Telford Škoda in strategic expansion

    May 30, 2025

    The Road to Fleet Optimization: Navigating the Electrification Journey with WEX and Sawatch – Webinar

    May 30, 2025

    2025 Jeep Wrangler Unlimited Willys ‘41 Edition 4xe Review & Test Drive : Automotive Addicts

    May 29, 2025

    Dealers fear recruitment crisis as Treasury targets worker automobile profit scheme

    May 29, 2025
  • Design

    Designing body kits and accessories

    April 11, 2025

    Designing for a startup automotive company

    February 18, 2025

    Our recent drive luggage website driveluggage.com shall be up and running in April.

    January 15, 2025

    Enhance your drive experience with bespoke automotive luggage |

    December 18, 2024

    Designing for an iconic marque

    December 11, 2024
  • Self Driving
  • Luxury
  • Supercar
  • EV
  • Motorcycle
  • Exclusives
I Really Like This Car
Home»Automotive»Cazoo wraps up debt refinancing, Chesterman steps down
Automotive

Cazoo wraps up debt refinancing, Chesterman steps down

adminBy adminDecember 9, 2023No Comments3 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr WhatsApp VKontakte Email
Share
Facebook Twitter LinkedIn Pinterest Email

Online used automotive dealership Cazoo has accomplished its debt restructuring programme after bondholders reached an agreement to exchange $630 million of debt for $200 million in bonds and shares.

The business said the brand new structure will now provide Cazoo with a much better financial foundation and sets the stage for its next chapter of growth – one without its controversial founder Alex Chesterman, nonetheless.

Paul Whitehead, the present CEO of Cazoo, said: “Completion of those transactions represents a major inflection point for Cazoo. With an improved capital structure and inspiring operational momentum, as demonstrated by our successive record retail GPU figures and much-improved unit economics, we will look to 2024 with confidence.” 

Whitehead prolonged gratitude to Alex Chesterman, the outspoken founding father of Cazoo, who, as a part of this restructuring, is officially stepping down, marking the top of an era for the corporate.

The boardroom changes come as Cazoo goals to pursue strategic goals that include achieving profitable growth, securing a bigger share of the UK used automotive market, and exploring revolutionary initiatives to enhance its business model and brand.

Cazoo said its latest board will likely be headed by incoming chairman Tim Isaacs who brings expertise from having advised corporations across various sectors, including retail, healthcare, business services, and industrials.

Joining Isaacs on the brand new board are Alan Carr, an experienced investment skilled specialising in financially distressed corporations; Andrew Herd, a chartered accountant; Nicholas Pike, a solicitor and management consultant; and Mary Reilly, who has been a Cazoo director since February.

Cazoo, founded with the promise of revolutionising the car-buying experience through online sales, witnessed rapid growth by acquiring businesses akin to Imperial Automobile Supermarkets, vehicle prep sites, and automotive subscription corporations.

Vowing to rework how eight million used cars are bought every year by putting the whole process online, Cazoo launched its UK used automotive retail portal in late 2019 with pre-launch backing of £80 million and a stock of BCA-supplied 1,500 vehicles.

Chatting with AM shortly after its launch, Chesterman, who had often been critical of the normal dealership model, said: “The difference between us and certain others within the industry, if there’s one apart from digital versus physical dealership, is we’ve all the time been consumer-first in our pondering. I’ve all the time come at things from that perspective of what’s the most effective we could do for consumers.

“And regarding profitability down the road, we almost take the view that should you do an important job with the patron the opposite bits that matter will fall into place. You win repeat business, market share, you get great word of mouth, you construct trust, and all of those things should result in a profitable business. When you don’t do all of those stuff you won’t have business.”

Earlier this yr, Cazoo revealed the net used automotive retailer’s £704 million losses for 2022.

Revenues rose 91% to £1.25 billion because the business delivered 65,366 units throughout the 12-month period to December 31, however the Recent York Stock Exchange-listed operation’s losses racked up because it withdrew from Europe and cut its UK automotive handover network and headcount in an effort to deliver annual savings of £200 million.

Despite extensive marketing efforts and sponsorship deals, Cazoo struggled to realize profitability nonetheless, with its valuation plummeting from nearly $7 billion at its 2021 launch on the Recent York Stock Exchange.

Chesterman insisted in January that Cazoo’s three years of trading had demonstrated that there was “a major appetite for getting and selling cars online”, adding that its proposition was still “resonating strongly with consumers”

This Article First Appeared At www.am-online.com

Cazoo Chesterman Debt refinancing steps wraps
Share. Facebook Twitter Pinterest LinkedIn Tumblr WhatsApp Email
Previous ArticleSave $137 On This DeWalt 20V MAX 10-Tool Combo Kit With This Amazon Deal
Next Article You Cannot Even Go To A Christmas Parade Without Getting Run Over Anymore
webmaster
admin
  • Website

Related Posts

Video: Full Review of the 2025 Corvette ZR1 Pins 1,000-HP Competitors : Automotive Addicts

May 31, 2025

Lloyd Motor Group acquires Telford Škoda in strategic expansion

May 30, 2025

The Road to Fleet Optimization: Navigating the Electrification Journey with WEX and Sawatch – Webinar

May 30, 2025

2025 Jeep Wrangler Unlimited Willys ‘41 Edition 4xe Review & Test Drive : Automotive Addicts

May 29, 2025
Leave A Reply Cancel Reply

Demo
Interesting Picks

A Bugatti Chiron roadster wasn’t planned, however the Mistral still happened

February 11, 2024

Ram’s Mid-Size Pickup Is on the Way, Production Starts in 2027 : Automotive Addicts

January 22, 2025

Mini Aceman EV, GM home-backup hardware, 2024 EV sales to climb: Today’s Automotive News

April 25, 2024

2025 Dodge Charger Sixpack w/550-HP – Holding Down the Gas-Burning Muscle Automotive Future : Automotive Addicts

March 7, 2024
  • Facebook
  • Twitter
  • Pinterest
  • Instagram
  • YouTube
  • Vimeo
Don't Miss
Automobile

This Was The First Automobile Ever Powered By A Diesel Engine

By staff@jalopnik.com (Brittany Crow)June 1, 20250

Danny Bakker/Shutterstock When most individuals consider diesel engines, they often picture heavy-duty trucks and locomotives…

2025 Frontline MGA review: Quick drive

May 31, 2025

Perodua QV-E name and logo trademarked in Malaysia – name revealed for brand new EV launching this yr?

May 31, 2025

Video: Full Review of the 2025 Corvette ZR1 Pins 1,000-HP Competitors : Automotive Addicts

May 31, 2025
About Us
About Us

At ireallylikethiscar.com, we are passionate about all things automotive. Whether you're a fan of supercars, electric vehicles, or simply have a deep appreciation for the beauty and engineering of automobiles, you've come to the right place.

Interesting Articles

Same Theory, Different Canvas: Two Lotus Lightweights

April 17, 2024

How will Donald Trump’s presidency affect Australia’s automobile industry?

November 7, 2024

Ram, Chevrolet, Hyundai Top J.D. Power 2024 Initial Quality Study, EVs Fare Poorly : Automotive Addicts

June 28, 2024
New Comments
    • About Us
    • Contact Us
    • Privacy Policy
    • Terms & Conditions
    • Disclaimer
    © 2025 I really Like This Car. All Rights Reserved

    Type above and press Enter to search. Press Esc to cancel.

    We are using cookies to give you the best experience on our website.

    You can find out more about which cookies we are using or switch them off in .

    Sign In or Register

    Welcome Back!

    Login to your account below.

    Lost password?
    I Really Like This Car
    Powered by  GDPR Cookie Compliance
    Privacy Overview

    This website uses cookies so that we can provide you with the best user experience possible. Cookie information is stored in your browser and performs functions such as recognising you when you return to our website and helping our team to understand which sections of the website you find most interesting and useful.

    Strictly Necessary Cookies

    Strictly Necessary Cookie should be enabled at all times so that we can save your preferences for cookie settings.

    If you disable this cookie, we will not be able to save your preferences. This means that every time you visit this website you will need to enable or disable cookies again.