Online car retailer Cazoo making plans to go public – report
Used car retail platform Cazoo is reportedly making plans to go public at a valuation of £5bn.
Sky News reported that the start-up, which was only founded just two years ago, was mulling either a London listing or a merger with a New York-listed “blank cheque” firm, or SPAC.
Boss Alex Chesterman, founder of LoveFilm and Zoopla, is in talks with bankers at Goldman Sachs, Numis, and Credit Suisse over the moves.
If Cazoo does decide to go public, it will not be until much later this year, Sky reported.
Since it was founded in 2018, Cazoo has already raised around £450m from investors.
A spokesperson for the firm said: “Cazoo is pioneering the shift to online car buying in the UK and, since our launch just over a year ago, we have already sold almost 20,000 cars to consumers across the UK who have embraced the selection, transparency and convenience of buying high quality used cars entirely online.
“As one of the UK’s fastest growing businesses, with revenues of over £160m in our first year alone, it is not surprising that there is speculation around whether or when we might IPO but we do not comment on speculation and should we have an announcement to make on this or any other matter we shall do so at the appropriate time.”
Media company DMGT, which owns brands including the Daily Mail, holds a 20 per cent stake in Cazoo.
In a statement to the stock market, it said: “At this time there can be no certainty of any specific outcome for DMGT shareholders.”