Why Cazoo has suffered from a plummeting share price
The mechanics, of course, are much more complicated. Cazoo wants to control the entire process from sourcing the cars, refurbishing them and delivering them. Part of the reason it lost £550m last year was because it spent a fortune buying up companies to help it along its path, including reconditioning businesses SMH Fleet Solutions and Smart Fleet Solutions Limited , vehicle data cruncher Cazana , online van retailer Vans 365 and Italian online car retailer Brumbrum .
One purchase has been seized on by detractors for seemingly going against the company’s stated aim of selling online only: the £24m addition of Imperial Car Supermarkets in 2020. Cazoo, however, has said this was bought for its vehicle refurbing centres, stock holding and collection points for the cars it bought. “The retained Imperial retail sites were repurposed as our customer centres,” it said in its annual report.
last year, it presented a sunny pitch deck listing its many upsides versus the competition and enthused its potential investors with news that it was competing vigorously in ‘total addressable market’ in Europe worth £480m. This was essentially all the information Cazoo needed to give to list via the SPAC method whereby you merge into a company already listed for that purpose.
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