Cazoo Group in Talks to Restructure Debt to Achieve Profitability

By Sabela Ojea

Cazoo Group said Monday it is in talks with noteholders to restructure its debt as it explores additional strategic transactions to accelerate its path to profitability.

The online car retailer aims to improve its capital structure going forward, reduce its debt and lower aggregate interest cost per year, it said, noting it has completed its exit from the European Union.

Additionally, Cazoo said it expects to close the second quarter with a record high retail gross profit per unit of GBP1,200, up 20% from the first quarter and up from GBP309 for the same period a year earlier.

"In April, we achieved our highest ever level of retail GPU, ahead of the record result delivered in March, giving us confidence in our ability to maintain sustainable Retail GPU improvement through the remainder of the year and beyond," Chief Executive Paul Whitehead said.

The company's outlook for the year remains unchanged, Cazoo added.

Write to Sabela Ojea at [e-mail]

(END) Dow Jones Newswires

05-22-23 1715ET