11:53 am, July 5, 2024
Cazoo Ltd owed almost £190m when the company as a whole went into administration, it has been revealed.
A statement of affairs published on the Companies House website show that the operating subsidiary via which Cayman Islands-based Cazoo Group ran its marketplace business after the company transitioned from being an online used car retailer ran up £189,088,897 of unsecured debt to numerous outfits.
Birmingham-based administrators Teneo Financial Advisory also said that total assets available for preferential creditors of Cazoo Ltd had a book value of £182,709,451 but that was estimated to realise just £22,903,714.
Among the creditors are Fleet Assist Ltd in Huntingdon, which is owed £352,740, Amazon Web Services in London (£211,618), NPower Business Solutions in Solihull (£167,375), Newbury-based Novuna Vehicle Solutions for transporter lease (£143,358) and Mercedes-Benz Holdings in Milton Keynes (£126,154).
Most of the money, though, appears to be owed in-house, with Cazoo Ltd in debt to Cazoo Holdings Ltd – a holding company with no material assets other than an ownership interest in the group’s subsidiaries – to the tune of £173,571,980.
On Tuesday (Jul 2), Cazoo Group shareholders approved resolutions for the company to be placed in a voluntary winding-up as well as to appoint voluntary liquidators.
The US-based Securities and Exchange Commission’s notice from Cazoo said that it would be placed in voluntary liquidation based on the fact ‘it is unable to pay its debts’.
The Cazoo brand was sold to Motors for an undisclosed sum towards the end of last month.
