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Cazoo

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Cazoo
Company typePublic
NYSE: CZOO
Industry
Founded2018; 6 years ago (2018)
FoundersAlex Chesterman
Headquarters
London
,
United Kingdom
Key people
  • Alex Chesterman (CEO)
  • Paul Whitehead (CCO)
  • Jonathan Howell (CTO)
  • Stephen Morana (CFO)
  • Darren Bentley (CCO)
Number of employees
2,200
Websitecazoo.co.uk

Cazoo is a British online car retailer based in London, England which was founded in 2018 by Alex Chesterman.

History

Cazoo was founded in 2018 by British internet entrepreneur Alex Chesterman. It launched an online marketplace for used cars in December 2019, which became its primary business.[1]

It is based in the UK but listed on the New York Stock Exchange following a merger with a special-purpose acquisition company, led by hedge fund manager Dan Och in August 2021. As of its listing the company had a valuation of US$8 billion. It has since lost over 90% of its market value. [2]

In 2021 Cazoo expanded internationally, launching its used car marketplace in Germany and France.[3] In January 2022 the company acquired leading Italian online car retailer Brumbrum and in May 2022, Cazoo announced the launch of its online car marketplace in Spain.[4]

After announcing redundancies in the UK in June 2022, in September 2022, Cazoo announced it would abandon its business in the European Union, closing its operations in France, Germany, Italy and Spain and making all 750 of its employees redundant, leaving only its UK operation in business.[5]

Sponsorship

As of February 2021, Cazoo is the main sponsor of Aston Villa.[6] They are also the sponsor of The Derby, The Oaks, the Coronation Cup at Epsom, and the St Leger Stakes.[7]

In February 2021, Cazoo signed a multi-year deal with the World Snooker Tour as the main sponsor of the Cazoo Cup events, namely the World Grand Prix, the Players Championship, and the Tour Championship.[8] This was later extended to include the UK Championship and the Masters: by doing so, it broke a decade-long sponsorship with betting companies being the principal sponsors of two Triple Crown tournaments, later cemented by them taking over the World Championship sponsorship from Betfred after seven years.[9][10]

In June 2021, Cazoo agreed to a multi-year partnership with the PGA European Tour that involved the sponsorship of two tournaments, which were renamed to the Cazoo Open and the Cazoo Classic.[11]

As of July 2021, Cazoo is also the main shirt sponsor of the Welsh Rugby Union.[citation needed]

Cazoo also sponsors the cricket tournament The Hundred.

Cazoo also sponsored the PDC European Championship, PDC World Cup of Darts and Grand Slam in 2021, with the partnership being extended to the PDC World Darts Championship, UK Open, Premier League and Players Championship Finals in 2022, with the Masters from 2023.[citation needed]

Starting with the 2022–23 season, it was announced Cazoo will become the new main sponsor of Olympique de Marseille,[12] Valencia CF,[13] SC Freiburg,[14] Lille OSC,[15] Bologna FC[16] Real Sociedad,[17]And Baskonia Vitória-Gasteiz.

References

  1. ^ Browne, Ryan (2 October 2020). "UK start-up Cazoo doubles valuation to $2.6 billion as car sales shift online amid pandemic". CNBC.
  2. ^ https://www.ft.com/content/9b3be670-f224-4072-a832-4b9ba5b3267f
  3. ^ "Cazoo Launches in Spain". Business Wire. 12 May 2022. Retrieved 12 May 2022.{{cite journal}}: CS1 maint: url-status (link)
  4. ^ "Cazoo Launches in Spain". Business Wire. 12 May 2022. Retrieved 12 May 2022.{{cite journal}}: CS1 maint: url-status (link)
  5. ^ Guardian, 9 September
  6. ^ Kleinman, Mark (19 February 2021). "Online car platform Cazoo eyes blockbuster £6bn public offering". Sky News.
  7. ^ "Cazoo is the new headline sponsor for classic St Leger Stakes horse race in Doncaster". Doncaster Free Press. ISSN 0962-872X. Retrieved 2021-05-20.
  8. ^ "Cazoo launches partnership with World Snooker Tour". Cazoo. 2 February 2021.
  9. ^ "Cazoo to Become Title Sponsor of World Snooker Championship". 9 May 2022.
  10. ^ "Cazoo and Matchroom expand partnership deal". World Snooker. 17 June 2021. Retrieved 19 June 2021.
  11. ^ Jackson, Keith (8 June 2021). "European Tour announces multi-year sponsorship deal with Cazoo". Sky Sports. Retrieved 4 August 2021.
  12. ^ "Cazoo to become new Shirt Sponsor of L'Olympique de Marseille". www.cazoo.co.uk. Retrieved 2022-03-24.
  13. ^ "Cazoo to become new 'Main Partner' and 'Shirt Sponsor' of Valencia CF". www.cazoo.co.uk. Retrieved 2022-04-13.
  14. ^ "Cazoo to become new Main Partner and Shirt Sponsor of SC Freiburg". www.cazoo.co.uk. Retrieved 2022-04-13.
  15. ^ "Cazoo to become new Main Shirt Sponsor of LOSC". www.cazoo.co.uk. Retrieved 2022-04-17.
  16. ^ "Cazoo to become new Main Shirt Sponsor of Bologna FC". www.cazoo.co.uk. Retrieved 2022-05-25.
  17. ^ "Cazoo, nuevo patrocinador principal". realsociedad.eus (in Spanish). Retrieved 2022-07-06.
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