Car dealer Cazoo announces 750 job losses in £200m cost-cutting plan

Online used car dealer has spent big on sponsorship deals but failed to impress investors with sales figures

Around 750 jobs are being axed at online car seller Cazoo across the UK and Europe (Alamy/PA)

Cazoo has confirmed it will cut 750 jobs in the UK and the rest of Europe as part of a plan to slash costs by £200m.

The redundancies will see Cazoo’s workforce cut by 15 per cent as it struggles with disappointing sales and plunging consumer confidence that has seen people cut back on big purchases.

The online used car dealer has seen its share price plummet 87 per cent since it was listed on the New York Stock Exchange at an eye-watering £5bn valuation last year.