Another site owned by U.K.-based digital auto retail Cazoo has been sold — the latest in a series of deals that Cazoo has made with independent car dealer groups as the former seeks to reduce overheads in a bid to reach profitability next year.
In April, it sold a customer center in Tamworth, Staffordshire, to Bristol Street Motors and a site in Scotland to dealer group Peter Vardy. In May, Cazoo sold its former flagship customer handover center in Southampton to Snows dealer group.
Cazoo also sold off a number of businesses — including Swipcar in Spain and BrumBrum in Italy — as it beat a hasty retreat from mainland Europe.
In H1 2023, the company saw a 29% year on year drop in sales but reduced its losses by more than half.
Lloyds Motor Group acquired the site in Newcastle, which will become its fourth retail and service center in the city and its 34th across northern England and southern Scotland. The company began trading in 1976 and now employs more than 1,300 people. The site will become a used car dealership and vehicle preparation center when it reopens later this year.