Online car retailer Cazoo has sold its German subscriptions business as it plans to focus exclusively on the UK market.
The business, listed on the New York Stock Exchange, has disposed of Cluno GmbH to ViveLaCar GmbH and The Platform Group GmbH & Co. KG.
The financial terms of the transaction were not disclosed, while the total portfolio includes several thousand cars in the German market.
“The disposal concludes Cazoo’s withdrawal from the German market as part of its strategy to focus exclusively on the UK market,” read a company statement.
“Following this transaction, together with previously announced sales of other businesses and assets in Europe, the withdrawal of Cazoo from mainland Europe is now largely complete.”
Founded in 2018 by serial entrepreneur Alex Chesterman OBE, Cazoo’s rapid growth saw it expand into several overseas markets, including the acquisition of Cluno two years ago.
However, concerns over profitability in recent months have seen it dispose of its Italian and Spanish businesses, with its French and German operations wound down with the exception of subscription operations. It is also in the process of closing preparation centres and customer handover sites.
Chesterman is set to move to the position of executive chairman from April, at which time COO Paul Whitehead will take over the day-to-day CEO duties.