Former Ocado CFO to join Cazoo ahead of $7bn US float
Posted on April 15, 2021 by Jonathan Symcox
Online car retailer Cazoo is to add Duncan Tatton-Brown to its board when it lists in New York.
Tatton-Brown was most recently Chief Financial Officer of Ocado Group Plc from 2012 until 2020, where he remains a senior advisor to the board.
Prior to joining Ocado, he held CFO roles at Fitness First Plc, Kingfisher Plc, B&Q Plc and Virgin Entertainment Group.
He will become a Senior Independent Director and audit committee Chair at Cazoo. He currently serves on the Board of Trainline Plc and was formerly a Non-Executive Director at ZPG Plc and Rentokil Initial Plc.
Founded by serial entrepreneur Alex Chesterman in 2018, Cazoo valued at $2.6bn in its latest private funding round last October.
In Q3 it plans to go public in the US via a merger with a blank cheque company – known as a SPAC – led by billionaire investor Dan Och which will see it valued at $7 billion.
“I am delighted that Duncan will be joining the Cazoo board once we become listed on the NYSE,” said Chesterman.
“His experience in helping to build large consumer-facing businesses over many years will be invaluable as we continue to transform the car buying experience for consumers across the UK and Europe.”
Cazoo is pioneering the shift to online car buying in Europe and has already delivered more than 20,000 cars to consumers across the UK.
Following its recent acquisitions, Cazoo is also now Europe’s leading car subscription player with over 6,000 subscribers across the UK, Germany and France. It is now planning international expansion.
Cazoo owns and reconditions all its cars before offering them for sale on its website for either delivery or collection in as little as 72 hours.
As one of Europe’s fastest-growing businesses, Cazoo expects to achieve revenues approaching $1bn in 2021, a growth rate of more than 300% in its second full year of operations and has already built a team of over 1,800 across the UK, Germany, France and Portugal.
Tatton-Brown said: “I am really excited to be joining the Cazoo board and to be working with Alex and his team.
“There are some very clear parallels with my other recent experiences and I am looking forward to helping shape Cazoo’s mission to digitally disrupt one of the largest retail markets in Europe, used cars, worth over $700bn annually.”