London-based used car marketplace Cazoo is leaving the European Union entirely, it announced Thursday. It will now only operate in the UK.
The company confirmed to Sifted that the move will result in 750 job losses. This latest round of cuts follows another 750 layoffs announced in June, meaning a total of 1,500 people leaving the company in 2022, representing 30% of its workforce.
Cazoo confirmed to Sifted that the latest layoffs are additional to the earlier round of job losses.
As these employees’ futures are thrown into uncertainty, Cazoo said that an “orderly wind-down” of operations in Spain and Germany has begun. In France and Italy discussions with union representatives are underway — a process companies are obliged to undergo if they’re laying off employees.
Cazoo has only been active in the European Union since the start of the year, but has recently undergone a strategic review of its business there, it said, and concluded that it should focus its attention solely on the UK market.
