The online car retailer yesterday told analysts and investors it was shrinking its ambitions to a "more modest" top line, as it sought to return to profitability without the need for further funding from investors over the next 18 to 24 months.
The company said the splitting of operations would allow Chesterman to focus on the retailer's "strategic direction".
The change in management comes after a difficult year for the firm, which has seen its shares collapse 93 per cent. Shares continued to tumble yesterday.
The company warned yesterday it would be making "further headcount reductions" to rein in costs.
"Whilst 2022 was a challenging year in many respects, our continued strong growth, notable improvement in unit economics during each quarter and market-leading consumer feedback gives us strong confidence in the long-term opportunity for
"We also remain on track and on budget with our withdrawal plan from the EU, having disposed of our Italian and Spanish businesses and largely wound down our French and German operations in the fourth quarter 2022," he added.
There was some good news for the firm, with the retailer reporting a 100 per cent increase in sales in the three months to 31 December.
In the fourth quarter of last year, the used-car retailer sold around 17,750 vehicles for a total of around £315m.
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