British online used car retailer Cazoo Group will appoint administrators, it said in a regulatory filing this week, as it starts a voluntary liquidation process.

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Advisory company Teneo will be called in to sell off the firm’s remaining assets.  

Cazoo said it was engaged in “active discussions” with several parties interested in its marketplace business.

It will also need to raise additional capital in the future in order to operate as a going concern.

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Cazoo was launched in 2018 in the UK by entrepreneur Alex Chesterman and was later listed in New York in 2021. It was valued around US$7 billion (£5 billion).

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That has now dropped to around $30 million.