British online used car retailer Cazoo Group will appoint Teneo's administrators for the viability of its business, Sky News reported today.
The firm launched in 2018 by entrepreneur Alex Chesterman was once a poster child of online retail popularity during lockdown.
The valuation of the London-based company, which was at $7 billion when it listed on New York Stock Exchange in 2021, has dropped to around $30m.
A collapse into administration will allow Teneo to focus on a sale, having already drawn interest from several potential suitors including peer Motors.co.uk, the report added.
Cazoo raised substantial doubt about its ability to continue as a going concern last year, struggling with persistent inventory problems amid a tough economic backdrop across its UK and global markets.
