CAZOO has announced a major change to its business model, plans to cut jobs and the departure of its chief executive.

The London-headquartered car retailer added that it would remain listed on the New York Stock Exchange "until at least 20 March" but that it has no obligation to continue to be so after that date.

In a statement, Cazoo said it intends to transition to a marketplace business model, exit its fulfilment operations and reduce its headcount to focus on its e-commerce technology platform, proprietary data, brand, and digital marketing and commercial functions.

A Cazoo statement said: "The members of the Cazoo board have reviewed the strategic options for the company and believe that a pivot to a pure-play marketplace business model is the best direction for Cazoo and all its stakeholders."

The firm has also announced that Paul Whitehead will step down as chief executive at the end of the month.

The statement added that the board has been "evaluating the company's liquidity and cost structure, including the costs of being a publicly reporting company, and whether the benefits of being a publicly reporting and listed company outweigh the costs."

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