8:30 am, April 15, 2021
Cazoo has announced Duncan Tatton-Brown will be joining its board as a non-executive director.
Tatton-Brown joins the online used car retailer from Ocado Group where he was chief financial officer, although he remains senior advisor to its board.
Prior to joining Ocado, he held chief financial officer roles at Fitness First Plc, Kingfisher Plc, B&Q Plc and Virgin Entertainment Group.
Cazoo said Tatton-Brown will become senior independent director and audit committee chair at Cazoo.
As reported by Car Dealer, Cazoo recently announced it will list on the New York Stock Exchange through a $7.0bn (£5bn) business combination with Ajax I, a publicly traded special purpose acquisition company (or SPAC) founded by US investor Dan Och.
Cazoo says the transaction is expected to complete in Q3 this year when Tatton-Brown takes up his role on the Cazoo board.
Other board members following transaction closing will include Alex Chesterman OBE (chair & CEO), Stephen Morana (CFO), Dan Och (non-executive director), Viscount Rothermere (non-executive director) and David Hobbs (non-executive director).
Alex Chesterman OBE, founder & CEO of Cazoo said: ‘I am delighted that Duncan will be joining the Cazoo board once we become listed on the NYSE.
‘His experience in helping to build large consumer-facing businesses over many years will be invaluable as we continue to transform the car buying experience for consumers across the UK and Europe.’
Tatton-Brown said: ‘I am really excited to be joining the Cazoo board and to be working with Alex and his team.
‘There are some very clear parallels with my other recent experiences and I am looking forward to helping shape Cazoo’s mission to digitally disrupt one of the largest retail markets in Europe, used cars, worth over $700bn annually.’
Yesterday it was announced a new online used car retailer was launching to rival the likes of Cazoo, Cinch and Carzam.
Launching six months early, Driverama is stealing a march on rivals by offering ‘borderless’ car sales across Europe – the first platform to do this.
Cazoo timeline
Click on the date to read the full story
Apr 2021 – Cazoo becomes headline sponsor of Derby Festival
Mar 2021 – Cazoo takes swipe at car dealers branding them ‘untrusted’ and ‘permanently impaired’ in investor pack
Mar 2021 – Cazoo confirms plans to list on the NYSE via a merger with Ajax, a special purpose acquisition company.
Feb 2021 – Cazoo acquires German subscription service Cluno and plots European expansion. As part of the deal it says it will be moving its HQ to Germany.
Feb 2021 – Reports suggest Cazoo founder Alex Chesterman cashed out £100m of shares in the last round of fundraising which was announced in October 2020. Firm refuses to comment.
Feb 2021 – Rumours surface that Cazoo is planning a stock market flotation in New York at a potential valuation of £5bn. The figures baffle industry experts.
Feb 2021 – Cazoo snaps up Smart Fleet Solutions, a vehicle reconditioning and storage specialist which operates from four sites and has 500 staff.
Dec 2020 – Cazoo buys car subscription service Drover for an undisclosed sum with a plan to offer subscriptions to the used cars on its platform.
Nov 2020 – Founder Alex Chesterman takes a swipe at car dealers saying the current sales model is ‘flawed at every level’ in an interview with The Times.
Oct 2020 – Cazoo posts £19m loss for first year of business according to accounts filed at Companies House.
Oct 2020 – Cazoo announces a further £240m in funding taking the total raised to £450m at a valuation of £2bn for the online retailer.
Sep 2020 – Cazoo accused of online-only U-turn as it begins turning former Imperial sites into ‘Customer Centres’ and plans many more around the country.
Jul 2020 – Car Dealer breaks the story Cazoo is about to buy Imperial Car Supermarkets. A day after our story breaks, the firm reveals the deal has been done.
Jun 2020 – Cazoo signs deal to become shirt sponsors of Everton in a deal rumoured to be worth nearly £10m. It soon follows it up with a similar deal with Aston Villa.
Mar 2020 – Cazoo announces another £100m in funding, taking the total raised to £180m. DMG Ventures, the venture capital arm of the Daily Mail, piles in as part of the fundraising.
Feb 2020 – Leaked Cazoo investor pack reveals used car dealer plans to sell 217,000 used cars a year by 2025. Predicts it will lose £70m in first three years.
Dec 2019 – Cazoo launches and announces a total of £80m in funding from venture capitalists General Catalyst and Mubadala Capital.
