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Cazoo, one of Europe’s largest online car retailers, has said it plans to cut nearly 750 jobs in a bid to save £200m as inflation and supply chain issues hit its business.
The company said the decision had been made to scale the business down to a more sustainable size, and position it for profitable growth.
“It is expected that the combination of these initiatives will result in cash savings to the company’s budget of over £200m during the period from June 1, 2022 to December 31, 2023 with approximately 750 roles being impacted across the business,” the company said in a statement.
Last year, the company listed on Wall Street in a deal valuing it at $7bn (£5bn) just over 12 months after its launch.
The company, founded by entrepreneur Alex Chesterman, had agreed to go public via a merger with a so-called “blank cheque” company in New York led by billionaire US investor Dan Och.
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