2:33 pm, February 17, 2023
Cazoo has agreed the sale of its German car subscription business Cluno, the online used car dealer announced this afternoon.
The troubled self-styled market disruptor said it would be offloading Cluno to German businesses ViveLaCar and The Platform Group, with the transaction involving several thousand cars in the German market.
The price of the sale wasn’t disclosed but the announcement came nearly two years to the day that Cazoo bought Cluno, in its first step towards European expansion.
Cazoo said in today’s short statement that the move concluded its withdrawal from the German market as it looked to focus exclusively on the UK market.
The entire Cluno workforce will transfer to ViveLaCar – a Stuttgart-based mobility fintech company – as part of the deal.
The Platform Group, which is based in Wiesbaden, is a collection of online platforms with interests in various industries including automotive and e-mobility.
The purchase, which follows sales of other businesses and assets in Europe, means Cazoo’s withdrawal from mainland Europe is now largely complete.
It follows the news that Cazoo had merged its share capital in a bid to appease the NYSE since its share price has been consistently below the $1 threshold set by the NYSE.
Cazoo is also currently consulting with hundreds of staff across the UK as it looks to close 15 customer centres and a host of prep sites.
Franchised group Peter Vardy told Car Dealer it was ‘in discussions’ with Cazoo to buy its Grangemouth customer centre and Livingston prep site in Scotland.
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