Brief: Cazoo Announces Conclusion Of Strategic Review Of Its EU Business

Cazoo

08/09/2022 11:32

Sept 8 (Reuters) - Cazoo Group Ltd  CZOO.N :
    * CAZOO ANNOUNCES CONCLUSION OF STRATEGIC REVIEW OF ITS EU
BUSINESS
    * CAZOO GROUP LTD - CAZOO PROPOSES TO WIND DOWN OPERATIONS
IN
MAINLAND EUROPE TO FOCUS ON CORE UK MARKET
    * CAZOO GROUP LTD - EMPLOYEE CONSULTATIONS TO START
IMMEDIATELY IN
EACH MARKET WITH RELEVANT UNIONS NOTIFIED
    * CAZOO GROUP LTD - INTENDS TO COMMENCE AN ORDERLY WIND DOWN
OF
ITS OPERATIONS IN GERMANY AND SPAIN
    * CAZOO GROUP LTD - CAZOO WILL FACILITATE A STRUCTURED
CLOSURE FOR
ITS CUSTOMERS, EMPLOYEES AND SUPPLIERS
    * CAZOO GROUP LTD - WILL ACHIEVE CASH SAVINGS OF OVER £100M,
NET
OF ANY WIND DOWN COSTS, AS A RESULT OF ITS WITHDRAWAL FROM EU,
BY END OF 2023
    * CAZOO GROUP LTD - NOW TARGETING CASH FLOW BREAKEVEN BY END
OF
2023

Source text for Eikon:  ID:nBw2CnBbga 
Further company coverage:  CZOO.N 

 (Reporting by Pratik Jain)
 ((Pratik.Jain@thomsonreuters.com;))