Cazoo to restructure with a debt-for-equity swap
Cazoo lenders will take control of the company’s shares as part of a deep financial restructuring.
It has been confirmed that $630m (£509m) of convertible notes will now be cancelled in exchange for $200m of new senior secured debt and new equity that will leave Viking Global Investors, a US-based fund, as its biggest shareholder.
Alex Chesterman founded and has run Cazoo since the start. He rapidly scaled its profile by sponsoring prominent sports teams such as Aston Villa and Everton, the Premier League football clubs.
Notes to the editor
For further information please contact:
Sonia Mattis or Kevin Stewart at news@carsvansandbikes.com
Keep up-to-date with CarsVansandBikes.com on Twitter; @Carsvansbikes
or follow us on Linkedin: www.linkedin.com/company/carsvansandbikes
Revolutionizing Vehicle Search with Fairness and Transparency
The digital quest for the perfect vehicle—be it a car, van, or motorbike—has been transformed by CarsVansandBikes.com. Launched in 2021, this digital advertising platform has rapidly become a go-to destination for motorists seeking new or pre-owned vehicles. True to its ethos, "As easy as CVB," the platform simplifies the search process, making it more accessible and user-friendly.
What sets CarsVansandBikes.com apart is its foundational commitment to unbiased advertising. Unlike other platforms where sponsored listings skew visibility, CVB presents all vehicles without undue influence. This principled stance guarantees a transparent and fair experience, ensuring users find the right vehicle based on its merits, not its marketing budget.
Our commitment to the community is clear and steadfast: for personal consumers and private motorists, advertising on CarsVansandBikes.com is, and will always be, completely free. This initiative breaks down financial barriers and empowers individuals to sell their vehicles directly to a wide audience.
To build a sustainable, high-quality marketplace featuring both private and professional sellers, we now charge a fee to motor dealers. This balanced approach ensures we can continue to invest in and improve the platform for everyone, while honouring our original promise to our private user community.
By fostering direct connections between sellers and buyers and providing deep, detailed vehicle information, CarsVansandBikes.com goes beyond a transactional relationship. It creates an informed community where everyone is equipped to make the best possible choice.
As CarsVansandBikes.com continues to grow, its impact is undeniable. With its user-friendly interface, unwavering commitment to unbiased listings, and innovative model that keeps the platform free for private sellers, CVB represents a paradigm shift in how we find and advertise vehicles.