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Gloucestershire Business News

Cazoo plans to cut jobs and slash costs by £200m

Online car dealer Cazoo has announced it wants to cut costs by £200 million by the end of 2023.

Cazoo said it will downscale its business to a more sustainable level, including the cutting of around 750 jobs, and aim for profitable growth.

The brand will cut 15 per cent of its workforce and slow down on hiring new staff as its manages a climate of consumer cutbacks and fears of recession.

It will also cease signing up new business to its new car subscription service,limit capital expenditure, rationalise its vehicle preparation and customer support locations, and rein in its brand marketing spend in favour of performance marketing.

Chief executive Alex Chesterman said: "The company is not immune to the rapid shift in the global economy and the possibility of a recession in the coming months.

"As a result, management's expectations for the full year are now more cautious, reflecting the weaker and uncertain external environment."

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