Online car-dealer Cazoo has turned a loss into an eight-million-pound profit.

The UK business, founded by internet entrepreneur Alex Chesterman, is preparing to be listed on the US stock exchange.

Chesterman was the co-founder of ScreenSelect which became part of the online film distributor LoveFilm. He's said to have a fortune worth in excess of £350 million.

He founded Cazoo, which is an e-commerce market for used cars, in 2018.

The business which buys and sells cars online and delivers to the customer's door, made a loss last year of £1 million, but has since increased its sales seven-fold to £141 million.

It has now posted an £8 million gross profit for the three months to 30th June. It sold a total of 10,692 vehicles, five times more than the same period in 2020.

The US listing will value the business at £5 billion.