The date on which a major car dealership will close its doors has been revealed, putting seven locations and many jobs at risk.
The franchise, which served millions of Britons, went bankrupt for a month.
The Board of Directors of the Cazoo Group has now announced the date on which it will hold its Extraordinary General Meeting (EGM), at which shareholders are expected to verify the voluntary liquidation of the company.
The members of the board of directors have already voted unanimously to close the group’s parent company, in the Cayman Islands, and delist it from the New York Stock Exchange.
Cazoo was founded in 2018 by Alex Chesterman, who in the past had created the successful real estate site Zoopla.
In 2020, it is a household name, especially among sports fans, with sponsorships ranging from Aston Villa to the England cricket team.
At its peak, the company hired 4,500 people and valued it at more than £5 billion.
However, after several years of heavy losses, Chesterton resigned in 2022 and the workforce was cut by more than half.
The administrators were revoked in May, which was accompanied by a new circular of 720 job cuts.
There is some hope of a deal to acquire parts of the company, and Motors. co. uk connected with the company in the June reports.
On the other hand, other assets of the company have already been sold to its former rival Cinch.
However, Motors declined to comment on the reports at the time and no deal has been closed.
Cazoo’s Extraordinary General Assembly has been scheduled for July 2, which leaves a few days for new bidders to intervene.
Shareholders are also expected to get a lot of payouts, and the final price is expected to be much lower than the existing percentage price.
In a letter to investors, Gareth Purnell, Cazoo’s chief financial officer, said: “The board of directors of Cazoo Group Ltd has unanimously decided that liquidation, the appointment of voluntary liquidators and the remuneration of voluntary liquidators are advisable and in the most productive interest of the Company and its stakeholders and ordered that the liquidation proposal be submitted to the Company’s shareholders for approval.
“The Board of Directors unanimously recommends voting ‘IN FAVOUR’ of the proposal to approve the liquidation, the appointment of the voluntary liquidators and the remuneration of the voluntary liquidators.
“If the liquidation proposal is approved and the company is dissolved, we expect our shareholders to obtain distributions for the company’s shares or warrants. “
It comes after SunMotors exclusively said Saudi diplomats had paid a bill for £170,000 in unpaid parking tickets in London.
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