Britain's Cazoo revs up on 2023 cash-saving plan

Cazoo

18/01/2023 13:04

** Shares of British online car retailer Cazoo Group
 CZOO.N  up 4.1% at 31 cents premarket     
    ** Co says it will close some vehicle preparation centers
and customer center facilities, and cut staff further in 2023 to
save cash  urn:newsml:reuters.com:*:nBw5gHq9ta
    ** Says the "significant reduction" in cash consumption will
help co reach profitability, without the need to raise further
external funding over the next 18-24 months 
    ** Expects to end 2023 with more than 100 million pounds
($123.61 million) of cash and cash equivalents 
    ** Also announces share consolidation plan so that its stock
price complies with NYSE norms for continued listing
    ** Shares down more than 93% in the past 12 months and last
traded above $1 in early August
($1 = 0.8090 pounds)
 (Reporting by Uday Sampath in Bengaluru)
 ((UdaySampath.Kumar@thomsonreuters.com; Twitter: https://twitter.com/sampath_uday
  ;))