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Online used car dealer Cazoo appoints former Lib Dem MP to board ahead of £6bn NYSE flotation

  • Cazoo appoints another board member – the second in a matter of weeks
  • Luciana Berger joins as non-executive director and chair of Cazoo’s environment, social, and corporate governance  committee
  • Berger is a former Lib Dem MP for Liverpool Wavertree

Time 3 days ago

Online used car retailer Cazoo has appointed another member to its board – former Lib Dem MP, Luciana Berger.

Berger joins as non-executive director and chair of Cazoo’s environment, social, and corporate governance (ESG) committee.

The appointment comes as Cazoo readies itself for a £6bn flotation on the New York Stock Exchange (NYSE), through a merger with AJAX I – a publicly traded special purpose acquisition company.

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She will join Cazoo following transaction closing and listing on NYSE in Q3, 2021.

Berger is a former Lib Dem MP for Liverpool Wavertree and served for almost a decade.

She was the shadow minister for energy and climate change, shadow minister for public health, shadow cabinet member for mental health between 2010 and 2016, and the Liberal Democrat shadow spokesperson for health, social care and wellbeing in 2019.

Berger is currently managing director of Advocacy and Public Affairs at Edelman UK and the chair of the maternal mental health alliance.

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Other Cazoo board members following the transaction closing will include Alex Chesterman (chair & CEO), Stephen Morana (CFO), Duncan Tatton-Brown (audit chair), Moni Mannings (rem chair), Dan Och (non-exec), Viscount Rothermere (non-exec), David Hobbs (non-exec) and Anne Wojcicki (non-exec).

Chesterman said: ‘I am delighted that Luciana will be joining the Cazoo board as the chair of our ESG Committee once we become listed on the NYSE.

‘Luciana’s extensive experience across corporate social responsibility, environmental policy and mental health issues will be invaluable as we continue to grow our team and business in a sustainable way over the coming years.’

Berger said: ‘I am delighted to be joining Cazoo as a non-executive director at such an important moment in the life of the company.

‘Cazoo is already one of the UK’s great success stories, making life easier for thousands of customers in ways which are ethical, transparent and environmentally sustainable. I know Cazoo takes its corporate responsibility very seriously. That’s one important reason why I am excited to be joining Alex and the team.’

Cazoo timeline

Click on the date to read the full story

April 2o21 – Cazoo becomes headline sponsor of St Leger Stakes and appoints solicitor Moni Mannings to its board

April 2021 – Dealer appoints Anne Wojcicki of 23andMe to its board

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.

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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.

James Batchelor

James – or Batch as he’s known – started at Car Dealer in 2010, first as the work experience boy, eventually becoming editor in 2013. He worked for Auto Express as editor-at-large and was the face of Carbuyer’s YouTube reviews. In 2020, he went freelance and now writes for a number of national titles and contributes regularly to Car Dealer.

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